In 2022, the crypto market suffered greatly, resulting in a significant reduction of the industry's market cap. Polygon (MATIC) was one of the hardest hit, with its value plummeting by almost 88% after reaching an all-time high of $2.87 a year earlier. However, with positive developments in the ecosystem, is it feasible for Polygon (MATIC) to reach $5?
If a bull market occurs, the price of crypto could potentially reach $3, which is not an unlikely scenario. This would also bring the psychological landmark of $5 within the realm of possibility for investors. Conversely, the actions taken in the previous year may also have contributed to making this figure a reality.
Polygon Catches the Eye in ‘Not so Good’ Year for Crypto
Polygon’s impressive partnerships with some of the biggest brands in the world during 2022, a devastating crypto year, made it stand out.
Its ability to facilitate transactions in compatibility with Ethereum much more quickly than others has led companies like Coca-Cola, Disney, Meta, JP Morgan, and Starbucks to seek partnerships.
Due to its High Supply and Demand
Supply and demand are the game changers in the crypto industry. And reports say, Polygon “has a total supply limit of 10 billion MATIC Coins.”Out of which, nearly 9 billion is in circulation, “and the remaining 10% will enter the supply at a dwindling rate until 2026.”
The introduction of this development comes after the creators of the Polygon ecosystem designed a proposed burn mechanism last year.
Polygon’s zkEVM Launch
The March 25 launch of Polygon’s zkEVM testnet could leave Polygon as Ethereum’s top, Layer 2 solutions provider. Reports noted the development team stated, “Now it’s time to truly start the revolution to unlock mass adoption and the full potential of Web3.” The launch of Polygon zkEVM Mainnet Beta will begin on March 27, 2023.
