Polygon (MATIC) Price Jumps 50% This Week, Are More Gains Due? #Polygon #MATIC #Price #Jumps #Week #Gains #Due Welcome to JibGlobe, here is the new resources we have for you today:
Polygon’s native token, MATIC, continued its bullish rise, with its price rising up by over 50% to reach $0.5987 in the last 7 days. MATIC is also up by 21% in the last 24 hours.
Last night, Coinbase announced the integration of Polygon, which exposes MATIC to a bigger pool of traders.
What Is Causing Polygon’s Upward Trend
Coinbase announced that they would support the buying and selling of ETH, USDC, and MATIC on Polygon. In the announcement, Coinbase’s director of product management, Nemin Dalal, pointed to the skyrocketing gas fees on Ethereum as the main reason for the move.
He also cited the time and complexity required to move crypto across networks. He believes that the integration can reduce this time and cost to a fraction of what it takes in other exchanges.
FTX also recently announced the availability of USDC on the Polygon network on their exchange.
Another reason for MATIC’s rise is the achievement of its long-term goal of carbon neutrality. Bentley Motors announced its plunge into 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.
Polygon’s recently 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.