The vast majority of altcoin projects have been bullish for the past 24 hours. The local altcoin project of the Polygon ecosystem continues to rise in MATIC. MATIC has increased by 20.45 percent in the last 24 hours. As a result of the activity, the altcoin exceeded 1 dollar.
MATIC price continues to rise
MATIC, the local altcoin of the Polygon ecosystem, continues to trade at $1.13. The altcoin currently has a market cap of $9,852 billion. The last price rally in MATIC was experienced as whale processes reached their highest level in eight months. On November 3, it witnessed the largest single-day process over $100,000. Here is the information provided by the on-chain data provider Santiment:
Do you believe in MATIC? Today, the highest whale process since February took place for the 11th-ranked altcoin, which is increasing in market price. More than $100,000. The fact that the $10 million MATIC whale triggered an increase in Polygon stocks in mid-October may have foretold this.
The last price increase in MATIC was experienced with the latest developments in the Polygon ecosystem.
Valuable developments continue in the Polygon network
On Wednesday, November 2nd, Meta (Facebook) released a new announcement. According to the statement, it will bring the ability to create and sell NFTs for users who will create content on the Instagram platform. Interestingly, Instagram will rely on the Polygon blockchain as its first NFT market plans name. It also means that Instagram will use the Polygon network for its NFT business activities. Additionally, Meta works with other blockchain platforms including Ethereum and Flow. The tech giant also plans to add the Solana blockchain and the basis for the Phantom wallet address in the future.
As we have reported as Koindeks.com; Another catalyst took place after the rally in the MATIC price. America’s largest bank JPMorgan has successfully traded using the Polygon blockchain network. On the Polygon Layer-2 blockchain, JPM has issued 100,000 tokenized Singapore dollars (US$71k) using the Aave decentralized finance protocol.
Founder Sandeep Nailwal shared price assumption
Sandeep Nailwal, Founder of the Polygon ecosystem, made a new claim. Nailwal said Polygon will be in the well-deserved ‘Top 3’ along with BTC and ETH. Stating that it is a unique project, Nailwal used the following terms in his speech:
I’m not going to rest until Polygon gets its well-deserved top three, along with Bitcoin and Ethereum. No other project comes close to Polygon.
MATIC is currently the 11th cryptocurrency by market cap. However, when we look at the developments, it is definitely one of the projects that rival the first 3 names. Stating that Meta (Facebook) and JPMorgan chose Polygon for their projects in the field of NFT and DeFi after sharing, Nailwal used the following words:
JP Morgan and Instagram chose Polygon. The world’s first zkEVM mainnet is almost here
The Polygon founder also hinted that the zkEVM mainnet will be launched soon.