Franklin

Polygon

<ul>
 <li>Monthly active users (MAU) on Polygon have surged to their highest point — 8.8 million.</li>
 <li>Investment giant Franklin Templeton initiates the transfers of its tokenized shares BENJI on the Polygon blockchain.</li>
</ul>
The Polygon ecosystem has achieved an all-time high (ATH) of 8.8 million in monthly active users (MAU) amid two significant announcements related to Franklin Templeton’s tokenized shares and Stripe’s stablecoin-led crypto payments.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="340" src="https://thenewscrypto.com/wp-content/uploads/2024/04/Screenshot-2024-04-26-131103-1024x340.png" alt="" class="wp-image-96945" srcset="https://thenewscrypto.com/wp-content/uploads/2024/04/Screenshot-2024-04-26-131103-1024x340.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/04/Screenshot-2024-04-26-131103-300x99.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/04/Screenshot-2024-04-26-131103-768x255.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/04/Screenshot-2024-04-26-131103.png 1306w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Source: <a href="https://app.artemis.xyz/activity-monitor/polygon?chartMetric=DAILY_TXNS&amp;startDate=2024-01-26&amp;endDate=2024-04-26" rel="noopener noreferrer nofollow">Artemis</a>
 </figcaption>
 </figure>
</div>
Over the past 3 months, active addresses across a few sub-sectors within the Polygon ecosystem displayed bullish rallies. Firstly, the active addresses across the gaming protocols surged by 3,663%. Secondly, the centralized finance (CeFi) protocols recorded a 1,473% surge. The other kinds of protocols’ records were as follows: <a href="https://thenewscrypto.com/visa-launches-onchain-analytics-dashboard-for-stablecoins-monitoring/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a> by 36.49%, decentralized finance (DeFi) by 21.52% and SocialFi by 37.97%.
MATIC’s Market Dynamics Looks Bearish
When we look at the 30-day timeframe, Polygon’s native token <a href="https://thenewscrypto.com/polygon-matic-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">MATIC</a> appears bearish. The altcoin’s price declined by over 32% — from $1.06 to $0.71. As per the chart given below, the 50-day exponential moving average (50EMA) hovers above the price action, indicating a downtrend.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="547" src="https://thenewscrypto.com/wp-content/uploads/2024/04/MATICUSDT_2024-04-26_12-44-03-1024x547.png" alt="" class="wp-image-96944" srcset="https://thenewscrypto.com/wp-content/uploads/2024/04/MATICUSDT_2024-04-26_12-44-03-1024x547.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/04/MATICUSDT_2024-04-26_12-44-03-300x160.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/04/MATICUSDT_2024-04-26_12-44-03-768x410.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/04/MATICUSDT_2024-04-26_12-44-03-1536x820.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/04/MATICUSDT_2024-04-26_12-44-03.png 1614w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">MATIC/USDT Price Chart (Source: <a href="https://in.tradingview.com/symbols/MATICUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Meanwhile, MATIC’s relative strength index (RSI) is closer to the oversold territory. On the other hand, the weekly timeframe projects an uptick of 4.5% in the token’s price. According to CoinMarketCap <a href="https://coinmarketcap.com/currencies/polygon/" target="_blank" rel="noopener noreferrer nofollow">data</a>, at the time of analysis, Polygon (MATIC) trades at $0.7128 with a market cap of $7.05 billion and a daily trading volume of $270 million.

Is the Polygon Ecosystem Distinctly Bullish or Bearish?

TheNewsCrypto

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