• Polygon MATIC’s price surged 16% in the past week, reaching a 48% surge since late December.
• The token is currently valued at $1.09 and is the second-largest asset per daily active users, recording over 344,000 users.
• Polygon DeFi Native projects such as GainsNetwork_io and Giddy DeFi are among Polygon’s top projects.
The cryptocurrency market has been consistently on the rise since late 2020, with tokens such as Polygon MATIC showing a significant increase in their value. Polygon MATIC, in particular, has surged 16% in the past week, reaching a 48% surge since late December last year. The token is currently valued at $1.09 and is the second-largest asset per daily active users, recording over 344,000 users trailing behind Binance’s BNB.
Since December 2022, the token has experienced a huge surge in daily transactions, which has been a key factor in the increase of its value. It has a $1.19 billion trading volume with a $9.4 billion market cap. This surge has been largely attributed to the recent partnerships announced over the past months, as well as the launch of the most recent one yesterday, via an AMA with Ovix Protocol.
Moreover, Polygon DeFi Native projects such as GainsNetwork_io and Giddy DeFi have contributed to the increase in MATIC’s value. These projects are focused on making DeFi a priority in the current bear market, and they recently teamed up to bring the newly created $GNS staking pool.
Despite this positive outlook, a Polygon crypto whale sold MATIC tokens worth $7.7 billion on 8 January, leaving tokens worth $23.7 million in the address. This could potentially have a negative effect on the token’s value, and investors are advised to be cautious when investing.
Overall, Polygon MATIC has experienced a significant surge in value, placing it as the second-largest asset per daily active users. This has been largely attributed to the partnerships and DeFi Native projects that have been launched, as well as the increase in daily transactions. However, investors must remain vigilant and ensure that they are aware of any potential risks that may affect the token’s value.