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MATIC Journeys to All-Time High After Finding Foothold Around $2

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Wed, 12/22/2021 - 12:10
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Tomiwabold Olajide
Polygon (MATIC) surges to new high after gaining traction above $2
MATIC Journeys to All-Time High After Finding Foothold Around $2
Cover image via stock.adobe.com

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According to CoinMarketCap data, MATIC token is up 12% in the last 24 hours at the present price of $2.57 and up 60.4% since December started. MATIC seems to benefit from its foray into NFTs and the launch of its burn mechanism.

Polygon's native asset, MATIC, is journeying its way back to all-time highs after finding a foothold around $2 on Dec. 20. MATIC attained record highs of $2.82 in May.

CoinMarketCap
MATIC/USD, Source: CoinMarketCap Data

Recently, MG Motor India, the maker of Hector and Gloster SUVs, announced the launch of its NFT collection using Polygon's network. The carmaker plans to sell 1,111 NFTs, including GIFs and static images.

On Dec. 14, Polygon implemented Ethereum's EIP-1599 update on the Mumbai testnet to introduce the burning of native token MATIC to provide better transaction fee visibility.

Polygon aims to offer Ethereum scaling solutions for developers, empowering them to build Web3 applications. Ongoing discussions around Web3 seem to be beneficial for Polygon's MATIC. U.Today reported earlier on Elon Musk and the Dogecoin creator continuously attacking Web3, posting controversial GIFs.

Polygon MATIC price action

Polygon (MATIC) has shown a price breakout in the previous 24 hours, rising roughly 12% with a trading volume of $3,045,039,767. MATIC was trading at $2.57 at press time, indicating that there is a possibility for growth as it appeared to have regained some footing above the $2.00 mark.

Today, MATIC soars to reach a fresh two-week high of $2.61. The relative strength index (RSI) shows a rise in bullish momentum climbing above the 70-point mark.

It now records a live market cap of $18,279,433,901, and it is currently ranked #14 on CoinMarketCap. There are 7,086,960,741 MATIC coins in circulation, with a maximum supply of 10,000,000,000 MATIC coins.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.