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Although the bear market is still undoubtedly ongoing even in 2023, it is undeniable that cryptocurrencies in the first month of the year are going well. Polygon’s native token, MATIC, definitely came out as one of the leading winners as it ended January with a 45.6% increase vs. the previous 30 days.
According to the data from CoinGecko, MATIC is up 15.8% in the past week at currently trading at $1.11. With a total value of $10.6 billion, it is also currently the tenth-largest cryptocurrency by market capitalization.
Polygon is a sidechain scaling solution that allows speedy transactions and low fees. Recently, data analytics platform Terminal revealed that Polygon along with two other Ethereum layer 2 networks, Optimism and Arbitrum One, are currently experiencing a surge in daily users which leads to a growth in fees for the respective ecosystems.
According to the report, Polygon reached more than 600,000 daily users earlier this year, a 92% increase from October 2022’s 313,400 daily users. (Read more: Polygon Takes Lead as Ethereum Layer 2 Networks Experience Surge in Daily Users – Report)
Following the token’s price increase, the pseudonymous Twitter account @lookonchain revealed that one wallet address was able to accumulate big returns.
Basically, the Polygon whale was able to receive around $5 million more for his MATIC tokens more than 2 years after buying his 4 million MATIC from cryptocurrency exchange Binance last September 2020 for around just $84,000 or just over 2 cents per token.
However, the current price of Matic is still far from its peak value in December 2021. It is still down by -62.1% from its all-time-high value of $2.92.
Accordingly, the increase in value of MATIC also cites the recent zkEVM update of the Polygon Network.
Moreover, leading financial payments provider Mastercard also partnered with Polygon last month. Their partnership looks forward to helping emerging artists connect with fans and advance their careers through the use of web3 tools and blockchain technology. (Read more: Mastercard Partners with Polygon to Launch Web3 Incubator for Artists)
Last December, the second ranking non-fungible token (NFT) collection, y00ts, of the public blockchain platform Solana announced that they are migrating to Polygon. (Read more: Top Solana NFT Collections to Set Foot in Ethereum, Polygon by 2023)
In 2022, the value of MATIC also surged by 25% after being selected as one of six accelerators by the media and entertainment giant Disney for its business development program. (Read more: Matic Joins Disney Accelerator, Trading Volume Surges)
This article is published on BitPinas: MATIC Trader Turns $80K Into $4 Million as Polygon Ends Month Up 50%
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.