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MATIC Reaches An All-Time High After Establishing A Foothold Around $2

MATIC Reaches An All-Time High After Establishing A Foothold Around $2

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

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Polygon’s native asset, MATIC, is on its road back to all-time highs after gaining a foothold around $2 on December 20. In May, MATIC reached a new high of $2.82.

After Establishing A Foothold Around $2, MATIC Reaches An All-Time High

Polygon MATIC coin is up 12 % in the last 24 hours to $2.57, according to CoinMarketCap statistics, and is up 60.4 % since the beginning of December. MATIC appears to gain from its venture into NFTs and the introduction of its burn mechanism.

MG Motor India, the Hector and Gloster SUVs manufacturer, has announced the debut of its NFT line via Polygon’s network. The automaker intends to offer 1,111 NFTs, including GIFs and static graphics.

Polygon launched Ethereum’s EIP-1599 upgrade on the Mumbai testnet on December 14, including the burning of native token MATIC to improve transaction fee disclosure.

Polygon promises to offer Ethereum scaling solutions for developers, allowing them to construct Web3 apps. Ongoing Web3 debates appear to be advantageous to Polygon’s MATIC. Elon Musk and the inventor of Dogecoin have been relentlessly criticising Web3, publishing contentious GIFs.

The Price Movement Of Polygon (MATIC)

Polygon (MATIC) has seen a price breakthrough in the last 24 hours, increasing nearly 12% with a trading volume of $3,045,039,767. At press time, MATIC was trading at $2.57; showing that there is still room for development as it looked to have reclaimed some ground above the $2.00 level.

Today, MATIC surges to a new two-week high of $2.61. The relative strength index (RSI) has risen beyond the 70-point line, indicating an increase in bullish momentum.

It presently has a live market cap of $18,279,433,901 and is ranked 14th on CoinMarketCap. The total number of MATIC coins in circulation is 7,086,960,741, with a maximum supply of 10,000,000,000 MATIC coins.

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