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Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Polygon MATIC price

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Layer-2 network Polygon is reported to have competed with Ethereum in 2023, as both networks saw the most influx of new users. This development has once again raised concerns about MATIC’s price, considering that such an achievement should potentially mean that new money moved into the ecosystem last year. 

Polygon and Ethereum Acquired The Most Users In 2023

According to a report by Blockchain analytics firm Flipside, Polygon and Ethereum led the pack with 30.6 million acquired users in 2023. Giving a further breakdown, Polygon is said to have acquired 15,24 million users, while Ethereum attracted 15.4 million users. Meanwhile, these users are defined as persons who performed at least two transactions on the networks. 

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Despite falling about 160,000 short of Ethereum’s numbers, Polygon’s numbers are still impressive, considering that it ranked ahead of other networks like Bitcoin and Solana. The layer-2 network also outperformed other Ethereum L2 networks like Arbitrum, Optimism, and Base, which recorded 7.3 million, 3.3 million, and 1.9 million acquired users, respectively. 

Notably, Polygon hit the ground running as soon as 2023 began, setting the record for monthly acquired users with 2 million in January. Interestingly, January 2023 was the first time MATIC rose above $1 in a very long while. It held above that level until the end of April 2023. After that, MATIC traded below that level for most of the year, only rising above $1 towards the end of December 2023. 

MATIC price chart from Tradingview.com (Polygon)

MATIC price at $0.74 | Source: MATICUSDT on Tradingview.com

Why Has MATIC Failed To Rise And Hold Above $1

A recent analysis by Blockchain intelligence firm ChainArgos suggested that the Polygon team has been secretly selling off MATIC tokens, something which could have accounted for the significant sell pressures that have risen at different times for the crypto token. This could also serve as a plausible explanation for why MATIC has struggled to hold above $1 despite enjoying great utility. 

The Polygon team was accused of not executing its token allocations in line with the publicly stated plan, with part of the allocated funds accounting for some of the tokens that were sold. These secret sales, which have for long gone under the radar, are said to be circumvented through wallets linked to the crypto exchange Binance. 

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So far, about 767 million MATIC have apparently been offloaded in these secret transactions. ChainArgos hinted at how these transactions have no doubt affected MATIC’s price on different occasions, as they noted that the outflows are a “good indicator for an upcoming top and subsequent move lower.”

At the time of writing, MATIC is trading at around $0.73, up in the last 24 hours, according to data from CoinMarketCap. 

Featured image from CoinGape, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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