Polygon’s new POL token gained 15% in value following the news of Binance’s listing, attracting the attention of investors.
Last week, Polygon introduced POL, an upgraded version of its long-standing MATIC token, and transitioned to this new token along with some tokenomic changes.
The POL token gained 15% on Friday after Binance announced that POL will be traded on both spot and futures contracts on its platform.
This development marked the completion of the token’s upgrade and rebranding from MATIC to POL.
POL rose from $0.38 to around $0.45 during the day, reaching its highest price level since late August.
Although there was a slight pullback afterwards, the token still rose by 15% in the last 24 hours, leaving behind the stagnant Bitcoin (BTC).
Polygon’s new POL token was announced last week along with some tokenomics changes that include a 2% annual token supply rate.
It is thought that the new symbol could create a psychological effect by presenting a new chart to crypto investors doing technical analysis, and this situation played an important role in Friday's price movements.
Crypto analyst DeFiyst made the following statement:
The MATIC-POL spot migration was completed before, but the new charts are much more important for investors. This is the first successful major token migration we have seen in a long time, and I expect other projects to follow suit
Stay tuned for new information.