In a remarkable month, the number of Polygon [POL] holders surged from 138,000 to 245,000, marking an impressive increase of over 107,000 wallets, or 78%. This spike signals a growing community, despite the fact that it hasn’t translated into price increases for POL.
Rising Activity and Usage
The surge in holders is largely attributed to heightened payment activity on the network. Monthly Crypto Card Volume skyrocketed over 122%, reaching a record high of $30.5 million processed in July, compared to just $13.69 million in June. This significant increase highlights the expanding agentic economy within the Polygon ecosystem.
Polygon has facilitated over $2.6 trillion in stablecoin transactions since its inception, surpassing the total value of all physical dollar bills and coins circulating in the United States. The integration of AI projects has also played a crucial role in this wallet growth. CEO Sandeep Nailwal announced the development of 13 AI-related projects, with at least one already processing real transactions across five different chains.
Market Trends and Whale Activity
In terms of decentralized exchange (DEX) volume, Polygon ranks as the sixth largest chain, with a daily recorded volume of $433 million. However, whale activity has introduced some volatility. Recently, a whale made four deposits totaling 14 million POL, approximately valued at $1.17 million, to Binance, completely exiting their position. This could indicate increased selling pressure.
Despite these challenges, POL has shown signs of recovery since the beginning of July, respecting a trendline support and breaking above a key resistance level at $0.8200. However, there’s a risk of a potential price reversal if it fails to maintain above critical support levels of $0.78 to $0.80.
This article is for informational purposes only and does not constitute financial advice.
