{"id":515184,"date":"2023-01-06T22:24:44","date_gmt":"2023-01-07T03:24:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=515184"},"modified":"2023-03-08T07:26:25","modified_gmt":"2023-03-08T07:26:25","slug":"matic-up-6-5-in-last-7-days","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/matic-up-6-5-in-last-7-days\/","title":{"rendered":"MATIC Advances 6.5% In Last 7 Days – Can It Sustain Gains For Another Week?"},"content":{"rendered":"
The year 2022 saw the value of Polygon\u2019s native token MATIC drop by <\/span>64%<\/span><\/a>. But the network started this year on a positive note, with the price shooting up 8% according to the charts. However, can MATIC maintain this momentum?\u00a0<\/span><\/p>\n The Layer 2 ecosystem has been seeing on-chain developments grow. Just before the turn of the new year, Polygon\u2019s first prediction market <\/span>Bhavish Finance<\/span> made <\/span>several records<\/span><\/a> that brought Polygon in the spotlight. <\/span>Uniswap<\/span>, a decentralized exchange in the ecosystem, <\/span>ended<\/span><\/a> 2022 with a $28 billion annual volume.\u00a0<\/span><\/p>\n The DEX surprisingly accomplished that with a sub-$100 million TVL, but as of writing Uniswap\u2019s TVL on Polygon is at <\/span>$111.21 million<\/span><\/a>, according to the DEX\u2019s public dashboard.\u00a0<\/span><\/p>\n <\/p>\n <\/p>\n These bullish developments, however, are preceded by big news on Polygon\u2019s NFT arm. <\/span>DeGods<\/span><\/a> and <\/span>y00ts<\/span><\/a>, two of the biggest names on Solana, <\/span>will bridge<\/span> their collections on Polygon and Ethereum on Q1 of 2023.\u00a0<\/span><\/p>\n This would inevitably bring interest on Polygon\u2019s NFT market, pushing the price of MATIC upwards. However, with the nearing timeline of the <\/span>\u2018Shanghai\u2019 network upgrade<\/span><\/a> of Ethereum, Polygon\u2019s main offering, which are low gas fees due to a better roll-up protocol, will be challenged.<\/span><\/p>\n With this in mind, it remains to be seen what developments on-chain would <\/span>differentiate<\/span><\/a> Polygon with Ethereum\u2019s upgrade and other L2 protocols.\u00a0<\/span><\/p>\n The crypto market has definitely suffered from last year\u2019s <\/span>big collapses<\/span><\/a>. But the FUD (fear, uncertainty and doubt) that came about these events might be strengthened as Huobi, a centralized exchange, seems to be melting down in real time.\u00a0<\/span><\/p>\n Recent news shows that the CEX will be <\/span>laying off<\/span><\/a> 20% of its employees. Tweets about Huobi\u2019s situation show that Justin Sun, the touted shadow owner of Huobi, has been <\/span>converting<\/span><\/a> billions of his crypto to fiat on Binance.\u00a0<\/span><\/p>\n <\/p>\n The exchange itself is also observed to have <\/span>increased withdrawals<\/span><\/a> in the past couple of days. This led to some speculation that the exchange could be the next FTX. Any negative development here would affect Polygon as insolvency news hit the crypto markets particularly hard.\u00a0<\/span><\/p>\n \ud83d\udfe1 What could happen to Huobi?<\/p>\n – Huobi has $80m(4%) outflow in the past 24H, and $133m(7%) in 7D VS their $2B clean assets 5\/ pic.twitter.com\/osCCyCzpGa<\/a><\/p>\n \u2014 Rock \ud83e\udea8 (@DataaRocks) January 6, 2023<\/a><\/p><\/blockquote>\nOn-Chain Developments To Play A Big Role For MATIC<\/strong><\/h2>\n
Chart: Uniswap.org<\/pre>\n
Crypto FUD Will Strengthen Bears Long-Term<\/strong><\/h2>\n
MATIC total market cap at $7 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
\n
\n– Could halt withdrawals and activities if situation gets out of proportion
\n– Risk-averse thing to do right now is to withdraw and self-custody<\/p>\n