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The price of Polygon (MATIC) has been steadily rising over the past few days, while other cryptocurrencies are struggling with the red zone. This comes as a result of the good news regarding MATIC and its sophisticated scaling system. In response to market news, investors reacted rapidly. What actually happened, then? On November 2, Web 2 juggernaut Meta (formerly known as Facebook) made an announcement about the release of a toolset that will allow users to create and trade Polygon-powered non-fungible tokens (NFT) on Instagram. It's important to note that Polygon is Meta's initial collaborator on the new NFT feature. Let's now examine the performance of the MATIC pricing recently.
MATIC 1-Day Price (Source: TradingView)
As we can see, the MATIC price had a three-day rise immediately following Meta's announcement. In particular, the price rose by 22.77% in one day on November 4. November sees a 39.38% increase in MATIC prices over October. The rise is still going strong as the price of MATIC rose 11.57% today as of this writing, peaking at $1.278—the highest price in six months!
According to the statement made by Meta on Wednesday:
The financial services behemoth JPMorgan executed its first decentralized trade on the Polygon network successfully on the same day last week. The following recovery in MATIC shows that, despite ongoing concerns about the status of the global economy, investors are still prepared to buy coins with positive underlying trends. Additionally, Meta asserted that they would not begin to collect fees from NFT production and sales until 2021. On the other side, the store fees will be subject to a 30% sales deduction.
A Quick Overview of Polygon (MATIC)
MATIC, also known as Polygon native token, is a token created on the Ethereum network. Every transaction on the Polygon network is underpinned by it as a means of payment and settlement. Polygon is a layer-2 solution that addresses the Ethereum blockchain's scalability issue and uses the proof of stake consensus mechanism to speed up and lower the cost of transactions throughout the blockchain ecosystem.
Final Thoughts
It's not the first time Polygon has encountered Meta. In an update from August 2022, Meta stated that they would support many blockchains for Instagram's digital collectible shades, including Polygon, Ethereum, and Flow.
We can see that MATIC is still on a bullish trend while the rest of the market is feeling the consequences of the November interest rate hike. Will it continue? I'm interested to see how things will turn out with Meta and what Polygon's future holds.
The price of Polygon (MATIC) has been steadily rising over the past few days, while other cryptocurrencies are struggling with the red zone. This comes as a result of the good news regarding MATIC and its sophisticated scaling system. In response to market news, investors reacted rapidly. What actually happened, then? On November 2, Web 2 juggernaut Meta (formerly known as Facebook) made an announcement about the release of a toolset that will allow users to create and trade Polygon-powered non-fungible tokens (NFT) on Instagram. It's important to note that Polygon is Meta's initial collaborator on the new NFT feature. Let's now examine the performance of the MATIC pricing recently.
MATIC 1-Day Price (Source: TradingView)
As we can see, the MATIC price had a three-day rise immediately following Meta's announcement. In particular, the price rose by 22.77% in one day on November 4. November sees a 39.38% increase in MATIC prices over October. The rise is still going strong as the price of MATIC rose 11.57% today as of this writing, peaking at $1.278—the highest price in six months!
According to the statement made by Meta on Wednesday:
The financial services behemoth JPMorgan executed its first decentralized trade on the Polygon network successfully on the same day last week. The following recovery in MATIC shows that, despite ongoing concerns about the status of the global economy, investors are still prepared to buy coins with positive underlying trends. Additionally, Meta asserted that they would not begin to collect fees from NFT production and sales until 2021. On the other side, the store fees will be subject to a 30% sales deduction.
A Quick Overview of Polygon (MATIC)
MATIC, also known as Polygon native token, is a token created on the Ethereum network. Every transaction on the Polygon network is underpinned by it as a means of payment and settlement. Polygon is a layer-2 solution that addresses the Ethereum blockchain's scalability issue and uses the proof of stake consensus mechanism to speed up and lower the cost of transactions throughout the blockchain ecosystem.
Final Thoughts
It's not the first time Polygon has encountered Meta. In an update from August 2022, Meta stated that they would support many blockchains for Instagram's digital collectible shades, including Polygon, Ethereum, and Flow.
We can see that MATIC is still on a bullish trend while the rest of the market is feeling the consequences of the November interest rate hike. Will it continue? I'm interested to see how things will turn out with Meta and what Polygon's future holds.
