Polygon’s MATIC Migration Boosts Native Token POL

The recent migration of MATIC to POL has given the native token a much-needed lift, increasing market favorability and investor confidence.

On September 4, 2024, the migration officially launched, and despite initial concerns, the adoption of POL as the official gas token for Polygon PoS transactions has resulted in a significant surge in activity and sentiment on the network.

Token Price and Market Value on the Rise

At press time, POL was trading at $0.3773, up by 1.45% in 24 hours, and the token’s market value increased by 3.44% to $2.1 billion. This increase reflects renewed interest in the network, with more users and investors taking notice of changes brought about by migration.

New Users and Investors Flocking to POL

One way to see how many new addresses have been created on a daily basis is to count the number of new POL wallets created so far, which increased by 64% since August 15. It is likely that the surge in new users is driven by a greater level of awareness and adoption for POL, which has become the preferred transaction token on Polygon PoS.

More Distributed Token Ownership

Another encouraging factor is the drop from 98% to 92% in two weeks in the percentage of supply owned by large wallets using POLIGN PEOS (Proofshares). The decrease is a sign of more distributed token ownership, which may result in a broader and more diverse ecosystem.

Confidence in POL’s Future Grows

The OI-weighted funding rate has been steady for the past two days, indicating higher demand for long positions. This suggests that investors are becoming more confident about POL’s future, driving up the value of the token.

Furthermore, data shows that the supply of POLIX outside of exchanges has decreased from $214 million to $202 million since the migration. The decrease in circulating supply can result in an increase in POL’s price, as demand for the token continues to grow.

Successful Migration Paves Way for Expansion

The successful transfer of MATIC to POL has not only prevented a crisis for network operations but also provided new opportunities for expansion and development. The network’s price and market capitalization may change in response to evolving trends, but for now, the signs are indicating that Polygon’S acquisition of POL has revitalized the network and created a more favorable market environment.

Want to learn more about Polygon and its potential for growth? Check out this in-depth article on CoinSeeks.com for valuable insights and information on the topic.