3 Partnerships That Pushed Polygon (MATIC) Price Above $1
Investors have generally remained strong and have since accumulated more coins, as shown by the change in green net position. Because of this accumulation, the Bitcoin HODLer or Lost Coins metric has reached a new all-time high. Miscellaneous This aggressive HODLing behaviour can be illustrated by the “Supply Last Active < 6-Month Indicator,” which measures the amount of BTC that has seen movement in the past six months.
Currently, MATIC is trading around $1.10, up 30% from $0.84 just two days ago. Polygon, formerly known as Matic Network, is a platform for supporting and developing the Ethereum infrastructure.
Partnerships with Meta Platforms and JPMorgan
The most immediate reason for MATIC’s price change is news about Polygon’s partnership with Meta Platforms, the owner of Instagram. The photo-sharing app will now use Polygon to allow users to create, display and sell their in-app digital artwork. According to the announcement, tests for this non-fungible token (NFT) will begin with some users in the United States. Following this, Instagram hopes to introduce a suite of tools to help users with the process from start to finish. I will start creating NFT in Polygon; this set of tools will probably help increase the number of users of the platform.
In addition to increasing consumer awareness through Instagram, institutions are increasingly using Polygon. Investment bank JPMorgan recently conducted its first decentralised finance transaction in partnership with the Monetary Authority of Singapore. As part of MAS’s Project Guardian pilot program, the bank successfully tested cross-border transactions with tokenised assets alongside other partners. The parties used Polygon to facilitate these transactions and a modified version of the Defi Aave protocol. Despite being skeptical about cryptocurrencies, JPMorgan has invested in blockchain technology. To facilitate payments.
Reddit Relationship and the Rise of MATIC Price
Meanwhile, the popular social network Reddit has also benefited from its partnership with Polygon. With NFT sales plummeting over the past year, Reddit has recently seen sales of its avatar NFTs surge. Reddit allowed digital artists to create and emboss NFTs on Polygon, which they can then sell to users as avatars. A recent Coinbase analysis highlighted that Polygon made a notable contribution to the timely launch of these avatars. The role it plays as a Layer 2 solution for Ethereum enables faster transactions with lower network fees.
Coinbase emphasized that these are significant barriers to entry into cryptocurrency adoption that Polygon appears to have overcome.
Regarding the MATIC price breakout, one analyst has estimated its possible resistance at $1.30. The analyst also seemed wary of the sharp rise ahead of the US payrolls release.