17 August 2022
Polygon’s MATIC has continued its bullish rally with a 50% price hike in the last 7 days. Also, the token is up by 21% in the last 24 hours.
Yesterday, the major US Crypto exchange, Coinbase announced the integration of Polygon which led MATIC to a bigger pool of traders.
Coinbase announced its support for buying and selling ETH, USDC, and MATIC on Polygon. Coinbase’s director of product management, Nemin Dalal highlighted the hike in Ethereum gas fees as the main reason for the move. He also specified the time and complexity required to move crypto across networks. According to him, the integration can reduce this time and cost to a fraction of what it takes in other exchanges.
Another exchange FTX also announced the availability of USDC on the Polygon network.
MATIC's achievement of its long-term goal of carbon neutrality could be another reason for the price hike. Bentley Motors entered the NFT market with a one-time NFT drop through the blockchain. They also mentioned Polygon’s carbon neutrality as an important factor in their choice.
Recently, Polygon released Identity Proofs, which allows users to vote on proposals without disclosing their identity might also have helped MATIC’s cause. The move leans further into the decentralized nature of blockchain technology.
Whales are also accumulating a large amount of MATIC after a substantial drop in prices this year.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.