Try Quests to earn NEARPrice + Circulating Supply
Q3. Draw a chart showing MATIC’s circulating supply from the start till today. Compare it with MATIC’s price.
In this analysis, You will read about MATIC’s circulating supply from the start till today. Compare it with MATIC’s price.
Circulating Supply is the total number of coins or tokens that are actively available for trade and are being used in the market and in general public. When a company creates a particular number of tokens, only a portion of it instead of the whole supply is made available for circulation.
May know that Matic is an ERC token. I calculated the circulating supply on Polygon and Ethereum Network. Each transaction happens on ERC20 tokens but Polygon provided the native Matic on Polygon too. So I've found two addresses that keep circulating supply updates on Ethereum. I examined into 0x5e3Ef299fDDf15eAa0432E6e66473ace8c13D908 and 0x401F6c983eA34274ec46f84D70b31C151321188b addresses and check daily balances from ERC20 balance table.
The below chart shows the Daily circulating supply and price of Matic on Polygon since its inception. It started with an average above 300M in June 2020. The average price was 0.02 us dollars at that time. The price increased to 1$ in May 2021 and the total circulating supply reached 2B Matic. During the first increase of Matic Price, The circulating supply almost doubled on Polygon. Again At the beginning of March 2022, the Circulating supply doubled again. The price was about 1.8$. After that, the circulating supply didn't change too much but the price decreased to 0.6 dollars.
I Excluded two addresses that handle Matic on Polygon. This is actually not only Ethereum Circulating supply. There are Matic on other networks. All of them keep their data on Ethereum like Harmony Blockchain. A huge increase happened in January 2021. The price was 0.01 Dollars. After a short decrease, Again the circulating Supply increased In March 2021. The price increased at that time. It reached 0.3 Dollars. During a huge increase in Maric price which reached above 1.5 Dollars, The circulating supply reached nearly 9B Matics. After a huge increase in Matic price and circulating supply in November 2021, The price and circulating supply decreased. The pattern of decrease was similar to each other.
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