Crypto analytics firm Santiment said the supply of Polygon (MATIC) is at a four-year low.
In its new analysis recently shared by Santiment, only 7.1 percent of the MATIC supply is currently on exchanges, which is the lowest level since the crypto asset was launched in 2019.
MATIC Up 47 Percent Since the Beginning of the Year
Santiment says the low stock market supply means limited selling opportunities that should give investors some relief.
Santiment also examines Polygon’s average dollar amount, which represents the average of each dollar invested in MATIC. Inert assets may also show some signs of movement, with multiple major dips in the average dollar amount invested curve, according to Santiment. Usually when this curve flattens out, we can understand that some old addresses are recirculating their assets, which is seen as a positive development for the asset.
MATIC was trading at $1.11 at the time of this writing. Ranked 10th by market cap, the crypto-asset is up 0.51 percent in the last 24 hours, but has dropped more than 1.75 percent in the past seven days. When we look at the year 2023 in general, we see that MATIC has increased by 47 percent since the beginning of the year.
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