Last Updated on January 28, 2023 by Bitfinsider
Polygon’s MATIC token, an Ethereum scaling tool, has risen 12% in the last 24 hours, maintaining its stellar performance this year.
As of writing, the price per MATIC is now $1.14.
According to Token Terminal statistics, it is up 48% since December 31 due to an increase in daily transactions, which has pushed the blockchain to second place in terms of daily active users (DAU).
What is Polygon? (MATIC)
Polygon is a Layer 2 scaling solution based on Ethereum that seeks to make blockchain applications closer to standard web apps. Polygon makes it easy for developers to construct decentralized applications, games, and other Ethereum-based services. Developers may design dApps with a higher degree of intricacy by utilizing Polygon.
Polygon’s native token, MATIC, was introduced in 2017. Polygon uses less energy since it is based on a proof-of-stake consensus technique.
Polygon Technical Analysis
Polygon’s performance over the last year has not been very outstanding. The price was above $2 in mid-January 2022, but it quickly dropped to just $1.50. In February, it recovered to $2 but failed to maintain that level, falling to $1.40 and trading in the $1.4 to $1.6 range at the moment.
Polygon plummeted drastically again in the last week of April, when the price was hanging around $1.37, to $0.6009, a drop of approximately 44%. It was less volatile between May 15 and June 15, but by the end of June, it had dropped to $0.34, the lowest price of the year.
Polygon has been growing its holdings in recent months, trading between $0.9 and $1.1.
How to buy or trade MATIC on ProEX
On ProEX, you can trade MATIC as a spot pair (MATIC/USDT) in 3 simple steps:
- Sign up and register an account on ProEX
- Buy USDT via ProEX One-click Buy
- Trade MATIC/USDT at ProEX Spot
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