A few references:
A few references:
- Elon, SNL, DOGE - https://twitter.com/elonmusk/status/1387290679794089986
- Ellen, NFT, Cuban - https://cryptobriefing.com/ellen-degeneres-sells-nft-talks-about-dogecoin/
- Refinable - https://twitter.com/__omxr__/status/1387080771748384768
MATIC has pressed its way up to being the 37th largest market cap in cryptocurrency, and this is no fluke according to Santiment's on-chain and social fundamental metrics.
Here are a few quick charts that we can use that foreshadowed the monumental growth from the ETH-based asset, particularly its peak +185% price jump in just the past five days.
The Good News
Daily Active Addresses have exploded the last couple of days, and continue its long-term rise.
Network growth shows a similar long-term rise.
Unique tokens are being circulated between addresses at a significantly faster rate.
The Bad News
The rate of development from MATIC's Github is moving downward.
Whale addresses with 100,000 tokens or more are declining over the past 6 weeks.
Active deposits are not far behind active addresses, meaning plenty of coins are being moved to exchanges to take profit.
We recently posted about Ethereum's return above $2,000 this past week, and our explanation on one of the key contributors to why.
When active addresses move up over time for a crypto asset, while active deposits move down, it's a reliable indication of a token seeing growing utility without funds moving to exchanges for potential sell-offs. In other words, this is a very bullish pattern our pro traders look for often.
Our new Daily Active Deposits & Non-Deposit Activity Sansheets Model easily identifies which assets are developing patterns similar to Ethereum's. Here's a snapshot of which activity vs. deposit ratios are rising vs. their 3-month resting averages:
Here are some of the largest bullish divergences, according to this model. We look for high green bars (indicating large activity/deposit ratios), and large green dots on the above model, and rising orange lines on Sanbase here: