In recent days, the price of MATIC, the native cryptocurrency of Polygon, has seen an impressive 5% surge. With the expansion of the network’s capabilities, MATIC has found support at around $0.745, compared to its current trading price of $0.74.
The data on the blockchain indicates that MATIC is experiencing network growth, which is supporting its price increase. According to Santiment, Polygon’s price surge can be attributed to the network’s growing adoption, reduced supply on exchanges, and low profit taking.
One clear trend is the increasing number of new MATIC addresses being created daily over the past 30 days. This indicates growing interest and engagement with the cryptocurrency.
“MATIC is on a mini run today, with a +6% price rise in the past 8 hours. Some positive on-chain signs for the 12th ranked market cap asset include rebounding network growth, decreasing supply on exchanges, and low profit taking,” stated Santiment.
In addition to its positive on-chain performance, Polygon has also been successful in establishing partnerships with mainstream companies over the years. The collaboration with Deutsche Telekom, a telecommunications giant, is the latest example of Polygon’s efforts to expand its reach.
Deutsche Telekom’s involvement with Polygon involves becoming one of the 100 validators on the Polygon Proof-of-Stake (PoS) network. This collaboration is expected to enhance Polygon’s credibility and further solidify its position as a leading player in the cryptocurrency industry.
The partnership with Deutsche Telekom highlights the growing interest from established companies in leveraging the potential of blockchain technology. By joining forces with Polygon, Deutsche Telekom recognizes the importance of this emerging technology and its potential to revolutionize various sectors.
Source: https://azcoinnews.com/what-is-fueling-matics-price-surge-in-july-2023.html
