Polygon (MATIC) has witnessed a notable 22% increase in the past month, despite a minor 0.3% price dip recently, placing its current price at $0.64 and its market cap at $5.95 billion. The cryptocurrency's trading volume saw a significant rise, with an increase of 38% reaching the $275 million mark in just one day.
Despite the overall positive market performance, Santiment data revealed a substantial decline in MATIC's whale activity and social volume by 86.5% and 63% respectively over the past week. This drop comes as an unexpected development given the recent uptick in trading volume.
In an interesting turn of events, Polygon's open interest has risen from $135 million to $170 million in the span of two weeks. This indicates an increased interest in derivative contracts among investors.
In parallel to these market dynamics, a member of the Lido Finance community proposed a halt to Polygon staking due to its low defi Total Value Locked (TVL), identifying it as a "potential risk." This proposal was made amidst the backdrop of fluctuating market activity surrounding Polygon.
On another front, the Polygon team has launched the POL token on the Ethereum network, marking a significant step forward for the cryptocurrency. The introduction of the POL token signals ongoing development and potential growth opportunities within the Polygon ecosystem.
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