MATIC gains 16% in 24 hours; hot streak continues second day in row   

MATIC, Polygon's native token, zoomed 16 per cent intraday over the last 24 hours. The cryptocurrency was trading at $0.6174 in the wee hours of Friday morning and zoomed to $0.7248 during the day, CoinMarketCap data showed. The token showed a 16.0036 per cent uptrend intraday. The token is still on a gaining spree. 

 

The token was trading at $0.7069, up 13.05 per cent at 14:30 PM IST, with a 24-hour trading volume of $1,501,455,044 and a live market cap of $5,636,074,421 USD. The cryptocurrency token has a circulating supply of 8,006,803,853 MATIC coins and a maximum supply of 10,000,000,000 MATIC coins. 

What is driving this rally? 

There are several reasons that have brought the Polygon network to center stage. These news pegs might be contributing to the token’s rally: 

Polygon joins Disney’s accelerator program 

As reported by Business Today on Thursday, Polygon announced its selection in Disney’s 2022 Accelerator Program in a Tweet. They also mentioned that they were the only blockchain network picked by Disney for the program. According to a statement released by Disney, the accelerator program is a business and development program aimed to accelerate the growth of innovative enterprises around the world. 

Nothing-Polygon collaboration 

Polygon, Flipkart, and Nothing announced on Thursday that the Nothing Community Dots, which are NFT collectibles created by the team of Nothing, are hosted on Polygon blockchain, and thatwill be airdropping on Flipkart’s Web3 platform, FireDrops. 

Expert take 

Sharat Chandra, crypto markets commentator and vice president of Research and Strategy at EarthID told Business Today, “MATIC's long-term outlook looks positive thanks to major entities adopting Polygon's layer-2 solution. There is a significant growth in the number of platforms which provide liquid staking for MATIC tokens and ensure staking rewards for MATIC HODLers. MATIC token is expected to shift towards resistance at the $0.75 level. 

He further added, “MATIC has led the altcoin rally. This can be attributed to Polygon's entry into Disney's accelerator focused on NFTs, augmented reality, and artificial intelligence. The MATIC token has breached its 50-day exponential moving average.”

Also Read: MATIC crypto zooms 20%, Polygon Joins Disney’s 2022 Accelerator Program - BusinessToday

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