According to CurrencyMarketCap Data, the MATIC token is up 12% in the last 24 hours to the current price of $ 2.57 and 60.4% since the beginning of December. MATIC appears to benefit from its foray into NFT and the launch of its recording engine.
Polygon’s native asset MATIC is traveling back to all-time highs after finding a foothold around $ 2 on Dec. 20. MATIC reached all-time highs of $ 2.82 in May.
Recently, MG Motor India, the maker of the Hector and Gloster SUVs, announced the launch of its NFT collection using the Polygon network. The automaker plans to sell 1,111 NFTs, including GIFs and still images.
On December 14, Polygon rolled out Ethereum’s EIP-1599 update on the Mumbai testnet to introduce recording of the native MATIC token to provide better visibility into transaction fees.
Polygon aims to offer Ethereum scaling solutions for developers, enabling them to build Web3 applications. The ongoing discussions on Web3 appear to be beneficial to Polygon’s MATIC. U.Today previously reported on Elon Musk and the creator of Dogecoin continually attacking Web3, posting controversial GIFs.
Polygon MATIC price action
Polygon (MATIC) has shown a price breakout in the previous 24 hours, increasing approximately 12% with a trading volume of $ 3,045,039,767. MATIC was trading at $ 2.57 at press time, indicating that there is room for growth as it appeared to have regained some equilibrium above the $ 2.00 mark.
Today, MATIC shoots up to hit a fresh two-week high of $ 2.61. The Relative Strength Index (RSI) shows an increase in bullish momentum above the 70 point mark.
It now registers a live market capitalization of $ 18,279,433,901, and is currently ranked 14th on CoinMarketCap. There are 7,086,960,741 MATIC coins in circulation, with a maximum supply of 10,000,000,000 MATIC coins.