According to Odaily, blockchain analytics platform Santiment has reported a significant increase in on-chain activity for Polygon. Charts shared on X indicate a notable rise in dormant token activity this week. Santiment suggests that this surge in on-chain activity could be a sign of a potential long-term trend reversal for MATIC, Polygon's native token.
Data from blockchain explorer Polygonscan reveals that network address activity has seen a substantial decline since late July, dropping from 1.6 million to 700,000 by late August, marking a decrease of approximately 50%. Additionally, the number of daily transactions has fallen from over 5 million in March to around 3 million by the end of August.
According to CoinGecko, MATIC remains down by 85% compared to its all-time high of $2.92 in December 2021.
