What is MATIC?
As a seasoned crypto investor with a keen interest in blockchain technology and decentralized applications, I’ve kept a close eye on MATIC, the native token of Polygon. With its rebranding from Matic Network to Polygon in early 2021, the platform expanded its offerings beyond a single Layer 2 scaling solution to a comprehensive ecosystem that now includes multiple Layer 2 solutions and standalone blockchains.
Matic Token serves as the native currency for Polygon, a versatile blockchain network designed to establish a multichain system that harmonizes with Ethereum. Polygon is renowned for hosting an array of decentralized applications (dApps), including DeFi platforms, Decentralized Autonomous Organizations (DAOs), and Non-Fungible Tokens (NFTs).
As a researcher exploring the world of blockchain technology, I’ve come across an intriguing project called Polygon, formerly known as Matic Network. It first emerged in 2017, but underwent a rebranding process in February 2021 to broaden its scope from just one Layer 2 scaling solution to a comprehensive platform encompassing various Layer 2 solutions and independent blockchains.
MATIC price history
The price of MATIC reached a high of $2.92 in December 2021 but has since dropped significantly to $0.71 as of June 7, representing a substantial decrease of approximately 76%. This pronounced decline is worth mentioning considering the recent upswing in the broader cryptocurrency market.
For the past two months, MATIC‘s price has generally stayed below its moving average of 100, which suggests a downtrend. The last notable effort to surpass this mark took place on April 9. Should MATIC manage to rise above this moving average, it could potentially reach resistance levels situated higher up, such as the 0.5 Fibonacci level approximated between $0.78 and $0.80.
Potential rally in June
Matic, held by many as a “hidden gem,” has the potential for significant growth according to its supporters. Some investors choose to put their tokens in staking arrangements to earn passive income, with returns typically around 3%. Polygon’s latest Napoli upgrade focuses on improving scalability and performance, which could potentially boost Matic’s value.
As a crypto investor, I keep a close eye on various indicators to make informed decisions about my investments. One such indicator is the MVRV (Moving Average Value) ratio using a 365-day moving average. When this ratio shows a buy signal with a value of -12.58%, it means that MATIC‘s current market price is below the average price at which all tokens were acquired over the past year. In simpler terms, I can potentially buy MATIC at a lower price than what its holders paid on average in the last 12 months.
The Q1 2024 report published by Messari, titled “State of Polygon,” reveals a significant rise in Polygon’s gaming sector. Daily gaming addresses jumped by an impressive 1,615% to reach approximately 207,000, while daily gaming transactions experienced a notable increase of 469%, amounting to around 734,000. The primary cause behind this growth can be attributed to the influential presence of MATR1X FIRE within the Polygon ecosystem.
As a researcher delving into the dynamic world of Polygon’s gaming ecosystem, I’ve discovered some noteworthy advancements. One significant milestone is the establishment of the $100 million Inevitable Games Fund by Immutable, King River Capital, and Polygon Labs. This collective investment serves to bolster the development of innovative games on the Polygon network. Additionally, I’ve come across Square Enix partnering with Animoca Brands for the creation of Symbiogenesis, an NFT game. These collaborations underscore the growing momentum within the Polygon gaming community and its commitment to fostering cutting-edge projects.
Other growth metrics include:
- Polygon’s stablecoin market value increased to $1.5 billion, a 19% quarterly rise, with USDT leading at $792 million.
- DeFi daily active addresses increased by 67% quarter over quarter to 50,000.
Although NFTs and social activities saw less growth, they also experienced increased activity.
In simple terms, these recent advancements suggest that Polygon is likely to show robust growth in the near future. However, the extent and duration of any potential price surge are still unclear.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- I Physically Need WWE 2K25’s Showcase to Feature The Bloodline
- SOL PREDICTION. SOL cryptocurrency
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
- Survival Horror Games With an Unkillable Enemy
2024-06-08 14:28