Why Polygon’s shortage of volume may knock MATIC to the ground

January 20, 2024

By Victor Olanrewaju

Edited By: Ann Maria Shibu

• Polygon’s volume, revenue, and fees all dropped in the last 30 days.

• MATIC’s mometum was bearish and another pullback could be impending.

The 30-day daily transaction volume on the Polygon [MATIC] network dropped by 31.7%, according to a post shared by Artemis.  The crypto metrics terminal found that the volume on Polygon, as of the 18th of January, was $3.35 million.

However, Polygon was not the only project which experienced such decline. The likes of Solana [SOL] and BNB Chain also fell into the same group.

Down to the last line

The decrease in volume meant that the buy and sell transactions involving MATIC fell. Also, because the volume is in monetary terms, it has an impact on a cryptocurrency’s value.

For example, when AMBCrypto reported hikes in Polygon’s volume, the price of MATIC jumped consistently.

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