Identifying the full impact of MATIC’s Robinhood listing
With the e-trading platform geared towards expanding its crypto-offerings, yesterday, Robinhood announced the addition of Shiba Inu ($SHIB), Solana ($SOL), Polygon ($MATIC) and Compound ($COMP). Thanks to the same, these altcoins are now exposed to a new crop of investors. And, this might drive the value of assets up.
Now, will this be the case as far as MATIC is concerned?
Following the announcement yesterday, on-chain analysis for a 24-hour window (11 April – 12 April) revealed a 44% spike in transaction volume. In fact, the same hiked from $145.06M to $209.48M.
Similarly, at the time of writing, the trading volume for the coin stood at $811.32M, a 21% increase from figures of $668.91M a day prior.
Source: Santiment
A brief observation of Whale Transaction Counts also seemed to underline the altcoin’s good performance over the last 24 hours.
For transactions of over $100,000, no significant variation was recorded within the aforementioned 24-hour period. However, a look at the Whale Transaction Count for transactions over $1M revealed a significant move.
The same rose from 24 whale transactions to 38 whale transactions following the announcement. This is an indication of an additional 14 heavy-hitters accumulating MATIC.
Source: Santiment
Furthermore, network growth analysis revealed a spike in the number of new addresses registered on the network. New addresses on the network hiked from 1.8k to 2.3k in 24 hours. In fact, active users also appreciated from 3.89k to 4.22k.
Source: IntoTheBlock
As expected, significant movement was also seen on the price chart. The crypto registered a 5% spike as the price rallied beyond the $1.40-region. Prior to the announcement, the RSI was around 35. However, at the time of writing, the RSI was
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