“Over time, we’ve planted seeds that have grown into our lives. We have to wait a while to see the results of what we plant. But remember that the seeds you plant today will affect your future in ways you might not expect.”
No, it’s not a philosophy class. Instead, this phrase might stand for Polygon, which is one of the crypto ecosystems that has been built up.
In this case, the context was Polygon’s successful collaboration with a DEX protocol and the green report card.
Polygon Appreciation
Polygon joined forces with Khyber Network in 2021 to reach new heights in the DeFi ecosystem. The latter worked closely with the Polygon team to make sure the KyberSwap deployment went well, improve liquidity for DeFi, and bring more users, developers, and Dapps to Polygon.
It’s safe to say that the main token, KNC, benefited from the same things that Santiment brought up.
In this market, whales have been getting more and more over the past three months. Key wallets now hold between 1 million and 10 million KNC, which is 20% of the total supply since July 31.
During the dip, it’s safe to say that whales have been busy getting more coins. But could this help the particular cryptocurrency? Well, the last time something like this happened, KNC grew by +67% in six months.
At the same time, Polygon (MATIC), which traded during the “crypto price correction” phase, also showed a similar picture. MATIC gained more than 6% in the last 24 hours, which was a big difference from other stocks. On-chain metrics, such as the number of trades, showed shocking numbers, as shown in the table below.
On the Polygon network, there was also a large number of old addresses that started to work again. On the Polygon network, the number of tokens used reached a high of 29.9B, which is a big jump of 27,000% in just 24 hours.
Here, a lot of MATIC was moved from old and inactive addresses. Active addresses also said the same thing to back up this cause. In fact, Polygon has more active addresses per week than ETH (WAA).
Even though Santiment didn’t say why this happened, it could have something to do with its partnership with Nubank.
