MATIC - Crowd is piling in

Assets covered: MATIC (Polygon)

Metrics used: Social trends,Supply Distribution, Social Dominance, Supply on Exchanges, MVRV 7D

Chart: https://app.santiment.net/s/WDF-f-BJ

Social Trends

MATIC (Polygon) recently appeared on our Social Trends list, indicating that the crypto crowd is actively discussing about it. But why?

It's largely due to MATIC (Polygon) announcing that Meta has selected them for minting digital collectables.

and

JP Morgan and MAS announcing that they did their pilot trade in DeFi on Polygon

Supply on Exchanges

MATIC’s supply on exchanges continue to fall even as prices sky rocket, indicating that folks are pretty confident about further price rise.

The sharp drop in supply on exchanges around 11th Oct suggests large accumulation during that period. Did someone know of the events to come to make such a confident bet?

Network Growth

MATIC is seeing its highest network growth in months. A sustained network growth would be good but as soon as it falls and price continues to hover, forming a divergence, it tends to signal a local top as no new folks are coming in.

Social dominance

MATIC’s social dominance is also seeing its highest spike in 3 months, which coincides well with the spike in Network Growth, as these newcomers shill one another MATIC and quickly get super excited when the price just keeps going up.

Remember, “MATIC will flip BTC.”

MVRV 7D

MATIC's MVRV 7D which measures the short-term profit/loss of holders is showing that we are now in the Danger Zone, where historically saw MATIC’s price decline shortly after as a local top forms.

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Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.