Nov 7, 2022 at 03:45Crypto enthusiasts, influencers, and analysts are increasingly talking about MATIC tokens this week. What caused such a surge of interest, and is it worth buying these coins?
We can’t give you 100% working schemes, but we can cover the key points. The cryptocurrency market is unstable and unpredictable. Keep this in mind. It is always better to make conclusions and decisions on your own!
What is MATIC?
Polygon (formerly Matic Network) is a structured and easy-to-use platform for Ethereum scaling and infrastructure development. Its main component is the Polygon SDK, a flexible modular framework that supports creating multiple types of applications.
Polygon effectively turns Ethereum into a complete multi-chain system similar to Polkadot, Cosmos, Avalanche, etc. But it’s more secure and transparent.
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Polygon is a Layer-2 scaling solution supported by Binance and Coinbase. The Plasma framework used by Polygon makes it easy to run scalable and autonomous smart contracts.
The platform boasts up to 65,000 transactions per second in a single sidechain, as well as a good block confirmation time of fewer than two seconds.
Polygon has attracted more than 50 decentralized applications (DApps) to its secure Proof-of-Stake (PoS) Ethereum sidechain. We explained in detail how Proof-of-Stake and Proof-of-Work are different here.
The proprietary MATIC tokens are needed for payments and as a settlement currency between users who work in the Polygon ecosystem. Transaction fees in Polygon sidechains are also paid in MATIC tokens.
Why is there so much talk about these tokens all of a sudden?
Last week, Meta announced that Instagram would use the Polygon network for its new NFT chasing feature. In addition, Reddit users have created more than 3 million wallets to mint and trade “collectible avatars” on the platform. There are about 3 million Reddit Polygon NFTs now, according to Dune.
🚨 MAJOR ANNOUNCEMENT🚨
💻Earlier this year, we announced a display partnership with @Meta.
⛓️Now, @Meta has selected @0xPolygon for MINTING digital collectibles!
For the first time ever, creators will be able to mint & sell Polygon-powered digital collectibles on @instagram! pic.twitter.com/bU0NorU7pe
— Ryan Wyatt (@Fwiz) November 2, 2022
1.44 billion people on Instagram will now have access to #nfts via $matic!!!
— Lark Davis (@TheCryptoLark) November 7, 2022
In this context, the value of Polygon’s tokens jumped 20%, from approximately $0.94 to $1.13. As of November 7, the price of MATIC continues to rise and has already reached $1.19.
$MATIC rose beyond the 23.6% Fib retracement line@0xPolygon is holding up well compared to the wider altcoin market ✔️
breaking out of the current range in order to retest $1.3 levels could be a real possibility pic.twitter.com/9rIGdrtEyD
— Crypto Commander (@CryptoCommandr) November 7, 2022
How can I make money on this?
Most crypto traders and analysts look positively at MATIC and predict further growth in the price of tokens.
For example, the well-known investor, Lady of Crypto, believes that MATIC has the potential to 10x in the next bull run.
If you want safe, $MATIC has the potential to 10x in the next bull run. Most people think the market cap is too high for that but they forget $ADA almost hit a $100 billion market cap in 2021 and it sucks. I’d still wait for a pullback though.
— Lady of Crypto (@LadyofCrypto1) November 6, 2022
Crypto analyst Miles Deutscher agrees.
$MATIC is one of the best safer holds for next cycle.
• Meta/Instagram partnership for collectibles
• Reddit NFTs
• 100s of games building
• Starbucks, Stripe, Disney partnerships
• Facilitated JP Morgan’s first ever DeFi tradeThe reasons to be bullish keep growing.
— Miles Deutscher (@milesdeutscher) November 7, 2022
The creator of cryptocurrency education content under the nickname Mac has high hopes for SOL, SHIB, and MATIC next year.
In 2023 we are going to make a lot of money on new x10-x50 #crypto projects early. It’s a fact.
I will find the next $SOL, $SHIB, $MATIC and shill them recklessly.
Follow me @Macnbtc and turn on notifications! 🤝
— Mac 🐺 (@MacnBTC) November 7, 2022
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