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As y00ts crosses this milestone on Polygon, assessing MATIC’s reaction

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Y00ts became the most traded Polygon NFT collection in the last seven days. A few other developments suggested that the ecosystem could further flourish. 
Posted: | Last updated: April 16th, 2023
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As y00ts crosses this milestone on Polygon, assessing MATIC's reaction
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Posted: | Last updated: April 16th, 2023

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  • Polygon NFT sales volume increased over 90% in the last 24 hours.
  •  MATIC’s price remained bullish while metrics suggest a continued price surge.

Y00ts NFT proved its popularity once again after migrating to the Polygon [MATIC] blockchain. On 14 April, Polygon Daily, a popular Twitter handle that posts updates related to the Polygon ecosystem, revealed that y00ts was the most traded Polygon NFT collection on OpenSea in the last seven days.  

Read Polygon’s [MATIC] Price Prediction 2023-24

Polygon’s NFT presence continues to rise

According to DappRadar, apart from y00ts, Collect Trump Cards and Brozo made it to the top on the same list as well. It was also interesting to see that in the last 24 hours alone, y00ts’ volume went up by over 18%.

Polygon’s NFT growth was also evident from CRYPTOSLAM’s chart. As per the data, Polygon NFT sales were up by nearly 100% in the last 24 hours. So, can we expect Polygon’s NFT space to grow further?

Can this fuel growth?

On 13 April, Magic Eden, one of the largest NFT marketplaces in Polygon, announced the conclusion of the Mint Madness event. The official tweet mentioned that during the event, over 230,000 wallets signed up. This was a commendable achievement, reflecting increased adoption. 

In addition to that, a few other developments also happened in the ecosystem, which suggested that Polygon’s NFT space will continue to grow in the coming days. For instance, Drill Club announced that it will soon be on the Polygon network. 

MATIC keeps investors happy!

While the network’s NFT space witnessed growth, the blockchain’s native token pumped its price in recent days. According to CoinMarketCap, MATIC’s price increased by over 6% in the last 24 hours.

At press time, it was trading at $1.18, with a market capitalization of more than $10 billion. 

Source: CoinMarketCap

Realistic or not, here’s MATIC market cap in BTC’s terms

A look at MATIC’s on-chain metrics showed promising data, which increased the chances of a continued uptrend. The MVRV ratio shot up considerably, thanks to the latest gains. MATIC’s demand in the derivatives market also increased, as evident from its Binance funding rate.

However, despite the price hike, MATIC’s social volume declined slightly. CryptoQuant’s data showed that MATIC’s exchange reserve was increasing. This can cause trouble in the future as it indicated higher selling pressure. 

Source: Santiment

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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