Polygon (MATIC) Price Jumps 50% This Week, Are More Gains Due?

Polygon’s native token, MATIC, continued its bullish rise, with its price rising up by over 50% to achieve $0.5987 within the final 7 days. MATIC can be up by 21% within the final 24 hours.

Last evening, Coinbase announced the integration of Polygon, which exposes MATIC to an even bigger pool of merchants.

What Is Causing Polygon’s Upward Trend

Coinbase introduced that they’d help the shopping for and promoting of ETH, USDC, and MATIC on Polygon. In the announcement, Coinbase’s director of product administration, Nemin Dalal, pointed to the skyrocketing gas fees on Ethereum as the primary cause for the transfer. 

He additionally cited the time and complexity required to maneuver crypto throughout networks. He believes that the combination can cut back this time and value to a fraction of what it takes in different exchanges. 

FTX additionally not too long ago introduced the availability of USDC on the Polygon community on their change. 

Another cause for MATIC’s rise is the achievement of its long-term purpose of carbon neutrality. Bentley Motors announced its plunge into the NFT market with a one-time NFT drop by means of the blockchain. They additionally talked about Polygon’s carbon neutrality as an essential issue of their selection. 

Polygon’s not too long ago launched Identity Proofs which permits customers to vote on proposals with out disclosing their id may also have helped MATIC’s trigger. The transfer leans additional into the decentralized nature of blockchain know-how. 

The token can be seeing elevated accumulation by whales after a considerable drop in costs this 12 months.

Could The Integration Help Coinbase?

Recently, Coinbase’s share took a downturn when Binance.US introduced zero charges for spot buying and selling of some cryptocurrencies. Polygon’s integration by Coinbase might need come as a response to the stiff competitors that Coinbase is dealing with from different exchanges. Coinbase additionally introduced that it might additionally help the commerce of USDC on Solana. 

Coinbase’s shares rose 13% on Thursday. 

Nidhish is a know-how fanatic, whose intention is to seek out elegant technical options to resolve a few of society’s largest points. He is a fim believer of decentralization and needs to work on the mainstream adoption of Blockchain. He can be huge into virtually each widespread sports activities and likes to converse on all kinds of matters.

The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.