Polygon’s native MATIC token has seen significant gains over the past week, rising 17% to over $0.60. This double-digit rally comes as altcoins like MATIC decouple from the price movements of Bitcoin.
Keypoints
- Polygon’s MATIC token has seen double-digit gains of 17% in the past week, decoupling from Bitcoin’s price movements.
- MATIC rose from around $0.50 to over $0.60 amid Bitcoin crossing the $30,000 level.
- This decoupling is seen as one of the best performing altcoins compared to Bitcoin in 2023 so far.
- The price rally comes as Polygon’s zkEVM network sees a 40% increase in total value locked (TVL), reaching an all-time high.
- However, overall DeFi activity on Polygon remains stagnant, with drops in total value locked and DEX volumes.
- MATIC holders have increased but network growth slowed, indicating less new users engaging in transactions.
- Transaction volumes spiked with more daily active addresses, but…
