Polygon rounds off an active week with this developing hope

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Poly­gon is back again in the heat of the mix. The net­work start­ed in August with a new raft of devel­op­ments. The updates look to have affect­ed MATIC’s price over the week.

The token not­ed a 7.5% surge over the week at $0.92 accord­ing to Coin­Mar­ket­Cap. Polygon’s MATIC has respond­ed to the improv­ing mar­ket con­di­tions in recent days with its uptrend movement.

Soaring high of late

The net­work has released new updates with a host of estab­lished com­pa­nies this week. First­ly, Acen­trik, a decen­tral­ized data mar­ket­place devel­oped by Mer­cedes Benz has been deployed on Poly­gon mainnet.

Acen­trik ensures trans­ac­tions on Poly­gon are per­formed with sig­nif­i­cant­ly low gas fees. Using Ocean Pro­to­col tech­nol­o­gy. It facil­i­tates data shar­ing and mon­e­ti­za­tion for enter­pris­es across domains.

Coin­base has enabled the abil­i­ty to trade EETH, MATIC, and USDC on Poly­gon this week. This will reduce the time, effort, and high fees by let­ting cus­tomers con­vert fiat to cryp­to for fund­ing their Poly­gon wallets.

More­over, wal­let ser­vice Trust Wal­let has announced a deal with Meta to sup­port Ethereum and Poly­gon NFTs on Instagram.

This step will be a major boost for Poly­gon-based NFT col­lec­tions to pros­per in.

On the 30-day chart, Poly­gon is ranked eighth among blockchains by sales vol­ume. This new venue could quick­ly spur things in Polygon’s favor.

Anoth­er high-pro­file part­ner­ship saw Coca-Cola release its col­lectibles on Poly­gon to cel­e­brate Inter­na­tion­al Friend­ship Day.

These col­lectibles are dis­robed as “first-of-a-kind, gen­er­a­tive and shareable.”

The col­lectibles have a unique share-to-reveal func­tion­al­i­ty where each art­work will reveal after being shared with a friend.

What does the data say?

MATIC’s prices have rebound­ed heav­i­ly from June’s bot­toms but prof­itabil­i­ty has dropped in recent days.

In the giv­en chart,  one can see that the MVRV ratio dropped to a low­ly 7.6% on 9 August. This is a far cry from its recent high on 18 July when over 57% of traders were deal­ing with profits.

Source: San­ti­ment

In the social dom­i­nance chart below, we can see how dis­cus­sions over Poly­gon have dropped in the past cou­ple of days.

Despite the flag­ship announce­ment with Coca-Cola, social engage­ments have remained rel­a­tive­ly stag­nant over the week.

At press time, the met­ric was val­ued at 0.47, accord­ing to Santiment.

Source: San­ti­ment

Poly­gon may have released its new fea­tures but its pop­u­lar­i­ty has been decreas­ing on social media of late.

How­ev­er, the block­buster deals with Coca-Cola, Insta­gram, and Mer­cedes Benz has def­i­nite­ly brought Poly­gon into the limelight.

But there is now a press­ing con­cern to con­vert these devel­op­ments into MATIC’s valuations.



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