Polygon (MATIC)

Why is Polygon (MATIC) the Biggest Gainer among Top Cryptos?

Polygon (MATIC)
Source: SimpleHold

In terms of the best-performing cryptocurrencies, Polygon (MATIC) has proven to be the most successful. The token’s price has risen by as much as 14% in the past day and by 30% in the past two days. The uptick can be explained by upbeat reports and public opinion concerning the Ethereum scaling solution.

Source: Coingecko

There has been recent progress in the web3 sector for Polygon (MATIC). The cryptocurrency market has increased by 270% since June 30. Nonetheless, there are a number of explanations for its recent upswing.

What’s Pumping Polygon (MATIC)?

When Meta announced that Instagram users would be able to mint and sell NFTs powered by the MATIC network, it was one of the biggest pieces of MATIC-related news. The blockchain company out of India is the company’s first of its kind to collaborate with the social media behemoth.

Meta stated,

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. They’ll have an end-to-end toolkit – from creation and showcasing to selling.”

In addition, Meta is dedicated to luring influencers from TikTok and convincing them to make more frequent use of Meta’s Instagram platform. Meta has promised not to take any commission on NFT sales, in contrast to Apple’s 30% cut of all NFT sales made through the App Store.

In addition, the financial powerhouse JP Morgan executed its first decentralized finance (DeFi) trade on the Polygon (MATIC) network on the same day as the Meta announcement. This change was made as part of Project Guardian, an initiative run by Singapore’s Ministry of the (Monetary Authority of Singapore).

From the mouth of MAS’s Chief FinTech Officer, Sopnendu Mohanty:

“The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets.”

Other developments in Polygon MATIC

In addition to major companies beginning to use the Polygon blockchain, the project has also hit new price benchmarks.

Experts in chart analysis have identified a “golden crossover” on the MATIC/USD daily price chart, signaled by the 50-day SMA crossing above the 200-day SMA. The trend indicates that current prices are higher than historical ones. This indicates that the upward trend is maintaining its momentum.

Source: CoinDesk

The open interest in MATIC has also nearly doubled in the past day. By the numbers provided by Coinglass, the open interest has increased to $415 million from $209 million previously.

As of this writing, MATIC had a price of $1.10, down 0.9% in the previous hour.

Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.


Source: Watcher



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