Why Polygon (MATIC) grew by over 200% in just a month?
The Ethereum scaling project has recovered from this year's decline.
The Polygon rose by more than 200% from its low in mid-June of the current year of $ 0.3228 per coin to the area of $ 0.9892 in recent days. The cryptocurrency belonging to this project has rebounded, following in the footsteps of other leading virtual currencies. Some analysts also attribute this increase to strategic development - the acquisition of multiple partners, as well as the announcement issued by Reddit regarding plans to launch its own non-exchangeable tokens (NFTs) platform on the Polygon blockchain.
Polygon with over 200% growth over the month
The 12th cryptocurrency in the ranking of the largest projects in terms of market capitalization of the CoinMarketCap platform has increased by over 200% from the low in June this year to the current price areas. Recently, its rate has reached levels of $ 0.9892 per coin.
MATIC is following in the footsteps of the rest of the top cryptocurrencies that have also bounced off their lows. Numerous experts attribute the movements of the stock chart of this popular cryptocurrency project to the strategic development of the entire project.
Not long ago, Polygon teamed up with technology company Nothing to bring Web3 to smartphones. In turn, the social network Reddit announced its plans to launch a platform with avatars saved in the form of NFT on the blockchain of this specific project.
The advancing development prospects could have pushed investors towards the MATIC cryptocurrency. It is worth mentioning that Polygon is a protocol for building and connecting networks compatible with Ethereum. This platform also aims to solve some of the problems faced by the second largest cryptocurrency project, i.e. low bandwidth or high gas charges.
The uniqueness of the Polygon Chain
Polygon also stands out from other blockchains thanks to its interoperability, scalability and modular design. All this means that it is willingly used in the DeFi, NFT, Web3 and GameFi sectors.
The cryptocurrency belonging to the Polygon network currently trades around $ 0.9584. In the last 24 hours, its rate has increased by nearly 10%. At the current price levels, it separates it from its own ATH of $ 2.92 as much as 67%.
