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MATIC up 15%, Here Are Two Potential Reasons

Thu, 11/03/2022 - 13:15
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Tomiwabold Olajide
MATIC's price surprisingly gained traction following slew of positive news
MATIC up 15%, Here Are Two Potential Reasons
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The Polygon (MATIC) price gained 18% in about 24 hours as its price rallied from the previous day's lows of $0.836 to intraday highs of $0.99 at the time of writing.

Following five days of consecutive declines since Oct. 29, MATIC's price surprisingly gained traction following a slew of positive news.

MATIC Price Might Rise as Polygon Network Burning Mechanism Goes Live

At the time of publication, MATIC was changing hands at $0.94, up 9.8% in the last 24 hours and 1.45% in the past week.

Here are likely reasons for rise

MATIC's recent price jump coincides with an inflow of positive news into its ecosystem.

First, Meta, formerly known as Facebook, announced that users of Instagram would soon be able to buy and sell NFTs powered by Polygon on the social media site.

Second, JPMorgan Chase & Co. completed its first live trade on a public blockchain, marking a significant advancement in the company's integration with the infrastructure supporting the cryptocurrency industry. The transaction used the Polygon blockchain even though it was not a crypto deal.

As part of the Singapore Central Bank's pilot initiatives investigating the use of decentralized finance, or DeFi, in the banking industry, the bank issued tokenized S$100,000 ($71,000), which it later exchanged for tokenized yen with Japan's SBI Digital Asset Holdings. The pilots also include DBS Bank Ltd., Standard Chartered Plc and HSBC Holdings Plc.

Polygon Unveils Its 'Most Important Reveal of 2022,' MATIC Price up 64% in Week

Third, as part of a larger strategy, the payments network Worldpay, a division of the publicly traded FIS Group, will soon provide USD currency (USDC) settlement for customers on the Polygon blockchain.

Finally, Polygon reaches out to India in a move that may see widespread acceptance. The blockchain network stated that through the Sequence and Onmeta projects, which are both on Polygon, it hopes to reduce the complexity and difficult user experience of Web 3.

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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.