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MATIC Polygon

Polygon Profitability Tanks As MATIC Nosedives 5.6%

Best Owie by Best Owie
6 months ago
in MATIC
Reading Time: 2 mins read

MATIC has had a rollercoaster of a year. Its price has fluctuated between cycle peaks and cycle lows year-to-date but has seen some good recoveries as well. However, as the week draws to a close, MATIC dove off its $0.9 cliff, and investor profitability has plummeted right along with it.

MATIC Loses 5.6% In 24 Hours

Over the last 24 hours, the price of MATIC is already down more than 5.6%, according to data from TradingView. The digital asset which had been able to maintain its $0.9 level for the last few weeks had eventually succumbed and drifted down.

Related Reading: Whale Accumulation Paints Bullish Picture For XRP

By the time the markets opened for trading on Friday, MATIC had already touched its 24-hour low of $0.84 before marking a small recovery back above $0.85. Its 5.6% decline coincided with a broader decline in the crypto market, which means it wasn’t an isolated incident for the token. 

It followed the likes of Ethereum (ETH) and Binance Coin (BNB), both of which had recorded more than 5% losses in the same time period. Volume was also down across the space with MATIC seeing an 18% decline in volume. 

Polygon (MATIC) price chart from TradingView.com

Price trending at $0.85 | Source: MATICUSD on TradingView.com

The digital asset also lost about $300 million from its market cap. Nevertheless, it retains its position as the 10th largest cryptocurrency in the space, sitting right behind Cardano (ADA) which was down almost 5% in the same 24-hour period.

Profitability Drops Drastically

An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. Data from IntoTheBlock shows that presently, only 23% of all wallets holding the cryptocurrency are recording a profit.

Related Reading: What Ethereum’s Rejection At $1,350 Says About The Cryptocurrency

The vast majority of holders, accounting for 68% of all wallets, are seeing losses. The remaining 9% are sitting in the neutral territory, putting them right at the price that they purchased their coins for.

MATIC holders in profit

Only 23% of holders in profit | Source: IntoTheBlock

Interestingly, unlike Bitcoin and Dogecoin, MATIC has a lower composition of long-term holders which could provide a reason for such low-profit percentages. Only 33% have held their coins for more than one year, whereas 57% have held them between one and 12 months, and 10% have only had their coins for less than one month. However, it is also important to note that MATIC’s 70% decline from its all-time high price of $2.90 in December 2021 plays a huge role in this.

MATIC was exchanging hands at $5.11 at the time of this writing, down almost 8% over the last seven days.

Featured image from Capital.com, chart from TradingView.com
Tags: MATICMATIC performanceMATIC PriceMATICUSDmaticusdtPolygon
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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