Ethereum And Polygon’s Addresses Are Growing Amidst Bear Market

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Ethereum (ETH) and Polygon (MATIC) are showing strength in this cryptocurrency market period, according to data provided by leading analytics firm Santiment.

Increased whale addresses in Ethereum

The company notes that the number of “whale” addresses on Ethereum, meaning addresses holding between 1,000 and 100,000 ETH, has increased since the beginning of May:

“Ethereum recovered quite well in July, rising +29% for the month and +14% in the last 24 hours alone. In addition, there has been an increase in the base level of 1,000 to 100,000 ETH addresses since the beginning of May, where 131 new ‘whale’ addresses have appeared on the network.”

Significant action on Polygon as well

Santiment also notes that address activity is increasing for MATIC, Polygon’s native token, which we recall is a scaling solution that aims to enable widespread adoption of decentralized applications on the Ethereum blockchain.

According to Santiment, address activity on MATIC is up compared to its price, which is down 66% from an all-time high of $2.69.

“Altcoins spent the first half of 2022 seeing their market cap gains quickly eradicated. However, projects like MATIC have made up some of their losses quickly, jumping +63% in a week. Address activity is also rising, showing an interesting divergence.”

As a reminder, just last week The Walt Disney Company announced that Polygon is one of six participants in the “Disney Accelerator 2022” category.

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