Ethereum Layer 2 competition intensifies with rising accumulation of tokens and upcoming airdrops.
Addresses holding between 1,000 to 100,000 tokens of Layer 2 projects like MATIC and METIS are consistently accumulating.
As Bitcoin and Ethereum price rallies grind to a halt after Fed’s 25 basis point hike, it fuels a bullish sentiment among altcoin holders.
The narrative of Ethereum Layer 2 solution token’s is heating up with the shift in focus to altcoins. Bitcoin and Ethereum price rallies grinded to a halt after the recent rate hike announcement by The Fed. Typically, this shifts focus to altcoins and token holders can benefit from the alt season and upcoming L2 airdrops.
MATIC and METIS accumulation on the rise: What this means for price?
Polygon Network’s native token MATIC and MetisDAO’s METIS have witnessed accumulation since March 12. This coincides with the time when market participants were hit by the global banking crisis. Typically, accumulation by token holders fuels a bullish thesis for the asset.
Based on data from Santiment, METIS is being accumulated by holders in different segments. METIS holders between 1-10, 10-100, 100-1,000 and 1,000 to 10,000 coins have been consistently accumulating the Layer 2 token, as seen in the chart below.
Among other Ethereum Layer 2 tokens, MATIC and METIS have relatively high relevance and utility. The accumulation of these tokens is bullish for holders and is expected to influence price growth in the short-term.
Competition between Layer 2 solutions has intensified with new airdrop announcements and alt season narrative. This offers another benefit to users as protocols compete to offer lowest gas fees and fastest transaction processing.
