Polygon (MATIC) surges to new high after gaining traction above $2
According to data from CoinMarketCap, the MATIC token has risen 12% in the past 24 hours to the current price of $ 2.57 and 60.4% since the start of December. MATIC seems to benefit from its foray into NFTs and the launch of its engraving mechanism.
Polygon’s native asset, MATIC, is journeying its way back to all-time highs after finding a foothold around $2 on Dec. 20. MATIC attained record highs of $2.82 in May.
Recently MG Motor India, the maker of the Hector and Gloster SUVs, announced the launch of its NFT collection using the Polygon network. The automaker plans to sell 1,111 NFTs, including GIFs and static images.
On Dec. 14, Polygon implemented Ethereum’s EIP-1599 update on the Mumbai testnet to introduce the burning of native token MATIC to provide better transaction fee visibility.
Polygon aims to offer Ethereum scaling solutions to developers, allowing them to build Web3 applications. The ongoing discussions around Web3 appear to be beneficial for Polygon’s MATIC. U.Today reported earlier that Elon Musk and the creator of Dogecoin are continually attacking Web3, posting controversial GIFs.
Polygon MATIC price action
Polygon (MATIC) has shown a price breakout in the previous 24 hours, rising roughly 12% with a trading volume of $3,045,039,767. MATIC was trading at $2.57 at press time, indicating that there is a possibility for growth as it appeared to have regained some footing above the $2.00 mark.
Today MATIC is skyrocketing to a new two-week high of $ 2.61. The Relative Strength Index (RSI) shows a rise in bullish momentum above the 70 point mark.
It now records a live market cap of $18,279,433,901, and it is currently ranked #14 on CoinMarketCap. There are 7,086,960,741 MATIC coins in circulation, with a maximum supply of 10,000,000,000 MATIC coins.
