MATIC Price Appreciates by Over 36% Since the Beginning of 2023
Investors have started to bet on the continued rise of the native token of Polygon, MATIC, which has seen a price appreciation of more than 36% since the beginning of 2023. MATIC aims to bring scalability and speed to the decentralized world, making it easier for developers to build and deploy their applications on the Ethereum network. The token has a limited supply, adding to its scarcity and value. The unique features of Polygon have made it a go-to solution for dApp developers looking to scale their projects, and its growing popularity and adoption are likely to drive the value of MATIC higher in the coming years.
Key Hard Fork Upgrade
The Polygon network underwent a hard fork upgrade, which addressed the spikes in the network’s gas fees and disruptive chain re-organizations. The team is working to bring more users and developers onto the network and is well-positioned to play a major role in the growth of the Ethereum ecosystem.
Partnerships and Collaborations
The increasing popularity of the Ethereum network and the enthusiasm that companies have shown in implementing their Ethereum-based dApps using Polygon has made it an attractive investment opportunity for those looking to invest in blockchain technology. MATIC’s YTD chart may suggest a buy signal, given that the crypto is currently well above $1.
Polygon recently announced a partnership with Nike, and it informed users that Ethereum’s Merge had dramatically reduced its carbon dioxide emissions. The network reached a new milestone on 15 November, after the number of unique addresses reached 191.2 million.
Showtime announced a collaboration with Polygon and Spotify. The partnership with Warren Buffet-backed Nubank is also seen as a positive development for the network.
Bridge Flow and Price Trends
Polygon recently published an analytical insight into its bridge flow between January and August 2022. More than $11 billion entered the Polygon ecosystem from multiple chains, with Ethereum and Fantom Opera contributing the most. MATIC was trading at $1.01 at press time, ranked ninth by its market capitalization, standing at $9.3 billion.
MATIC’s price went soaring in 2021 thanks to the increasing popularity of Ethereum and surging activity in NFTs and play-to-earn games like Axie Infinity. In May 2021, Polygon received backing from billionaire investor Mark Cuban, who revealed plans to integrate his NFT platform Lazy.com with Polygon.
However, on the back of the Silvergate crisis and the Biden administration taking many steps to regulate the crypto-sector, MATIC, like the rest of the market, fell down the charts. One possible reason for the decline in the daily volume of MATIC is the Ethereum Merge, which took place on 15 September.
Conclusion
MATIC has gained a reputation for its strong community and active development team. The token is seen as a promising project in the Ethereum ecosystem and beyond. As Polygon continues to bring more users and developers onto its network, MATIC’s popularity and adoption are likely to drive the value of the token higher in the coming years.
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