While the market has been recovering from the recent fall, a cryptocurrency – MATIC – has surged above all others and rose by 25% in 24 hours on May 26th. Keep reading to find out the reasons behind MATIC price’s surge with Tokenize exchange.
MATIC coin is one of the cryptocurrencies with the most outstanding growth over the past week. In 3 days from May 23rd to May 26th, Matic price pumped from an intraday low of $1.1 to top out at $2.2. It can be approaching its all-time high of $2.62 on May 18th. MATIC is now ranked 13th in terms of market capitalization which is currently $14.5 billion, above that of Litecoin and Chainlink.
Matic price surged to $2.2 on May 26th
Before moving to the reason behind increasing Polygon Matic coin price, let’s come to the definition of the Polygon project.
What is Polygon Matic
Polygon network is a crypto platform desired to provide faster, cheaper transactions and improves existing problems on the Ethereum blockchain such as limited scalability and high transaction fees. Polygon’s token Matic has become a large-cap cryptocurrency with $10 billion and is ranked in the top 20 digital coins according to CoinMarketCap.
What has pumped MATIC prices?
Billionaire Mark Cuban who is a shark investor in the reality show Shark Tank has publicly supported Polygon, the Indian blockchain network. It shows that more large investors are tapping into cryptocurrency despite the recent turmoil in the crypto market.
Since May 25th, 2021, Polygon has officially been listed in the portfolio of Mark Cuban Companies which can be appraised as the confirmation of the billionaire’s support for this crypto project.
In an email to CoinDesk, Cuban said: “I was a Polygon user and find myself using it more and more.”
Mark Cuban used to criticize Bitcoin in a YouTube Q&A in 2019, said that he would “rather have bananas than Bitcoin”, he added, “I could eat bananas – Bitcoin, not so much.” To explain why he “hates crypto,” the billionaire compared Bitcoin to baseball cards, comic books, and artwork that have no “intrinsic value” to him. In other words, he suspected its real value and security to the major population. However, after two years, he has become one of the biggest supporters of cryptocurrency in the past year.
>>>Read more: What happened to Dogecoin: from meme coin to the moon<<<
Despite Elon Musk’s announcement that Tesla would suspend vehicle purchases due to environmental concerns, Cuban claimed that his Dallas Mavericks will still accept Bitcoin payments in his tweet on May 13th, 2021. According to Cuban, cryptocurrencies start to reflect our real demand. The Shark Tank star believes that the best platforms will do well over the long term” after the plum in value of major cryptocurrencies.
Polygon network and Matic coin are some of the fastest-growing projects over the past year. According to Cointelegraph, Polygon’s active user has grown to 75,000 in only one week, indicating a growing demand for layer-2 solutions. The massive influx of users has generated nearly $1 billion in volume.
Being asked what made Polygon stand out from other layer-2 scaling solutions, Cuban said he was “an active user”. He added “It is fast, it works well and most importantly their user base is growing exponentially.
We’ve gone through the reason for the recent MATIC price surge. Keep following Tokenize Blog for more information and market news!
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