MATIC, the native token of Polygon, is the highest performing cryptocurrency in CoinMarketCap’s top 50 list by market capitalization over the past 24 hours, with gains of about 20%.
MATIC reached its highest level since early June, in the mid-$6.0 range, a day after Polygon was selected for Walt Disney’s benchmark business growth program.
According to a Disney release, Polygon is one of the six organizations that will participate in the company’s 2022 Accelerator Program, a business and development initiative created to promote the expansion of creative businesses globally.
Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt
Polygon (MATIC), Rises 20% Over the Last 7 Days
MATIC trades at $0.656, an increase of 20.3% over the past seven days according to Coingecko data. This is its highest trading level for a month. In doing so, the token also surpassed its 50-day exponential moving average (EMA), the sloping red resistance mark that had constrained MATIC’s gains since January of this year.
The Disney Accelerator Program was launched this week. It aims to investigate new technologies in augmented reality, non-fungible tokens and artificial intelligence.
Photo: The Daily Hodl
The recent rebound in MATIC is also significant from a technical perspective and may portend a near-term turnaround in the cryptocurrency’s fate. According to pundits, the new surge in the token’s price paves the way for additional gains towards $7.50.
MATIC Faring Better Than BTC & ETH
Polygon was previously known as Matic Network. MATIC is an Ethereum token which enables the Polygon Network. This solution allows for Ethereum scaling. Polygon plans to speed up and make Ethereum transactions more affordable by using Layer 2 sidechains. These are blockchains that run parallel to Ethereum’s main chain.
MATIC’s upward movement was synchronized with intraday recovery moves observed elsewhere in the cryptocurrency market. Polygon did better than most of its heavyweight rivals, such as Bitcoin (BTC), Ether (ETH), and Ether(ETH). Walt Disney may be the driving force behind MATIC’s improved performance.
MATIC Total market Cap at $5B on Daily Chart | Source: TradingView.com
Recommended Reading: Loopring Wobbles in the Last 2 Months-Can LRC Keep In The Loop?| Loopring Wobbles In Last 2 Months – Can LRC Stay In The Loop?
An overview of cryptocurrency markets shows that BTC and ETH are the largest cryptocurrencies in terms of market capitalization. Both have seen price drops over the last 24 hours. The price of Bitcoin was down by 3.71 percent, while the price of Ethereum fell by more than 6 percent, data by CoinMarketCap show.
On Wednesday, Polygon was mentioned 9,845 times out of 1792,394 posts to social media on Reddit and Twitter. Polygon is being discussed by approximately 8,675 people. It ranks #30 for the most mentions and activities within collect posts.
Featured image taken from Crypto Economy chart at TradingView.com