Coinbase-Supported Digital Asset Increases By 75% In One Day, A Look At What Happened

A not so popular cryptocurrency supported by Coinbase has found its way to the spotlight after achieving a 75% surge in one day, and it is possible that a surprise announcement from Binance may be responsible for it.

The crypto market seems to have lost its bullish run after Bitcoin began a backward dance further away from the $8,000 prized position and in the process affected other top 20 coins which are either moving sideways or simply downward.

Notwithstanding, an obscure crypto token has chosen a time like this to make itself known to crypto enthusiasts by utilizing both an announcement and a rumour to push upwards with such a speed that guaranteed it a 75% gain.

 Scaling Project For Ethereum Surges Over 75%

On Monday, the Matic cryptocurrency rose to a stunning 76%. Matic Network, a blockchain project designed to scale Ethereum, recorded an impressive 76% run in a day.

The daily trading volume of Matic which is more than $250 million supercedes that of bigger projects like IOTA, Monero and Cardano.

Since the month of May began, the coin has been unstoppable, gaining more than 610%.

Matic: What It's About And What It Aims To Achieve

One words summarizes Matic Network’s mission and that is scalability. The startup provides existing networks such as Ethereum with an off/side-chain scaling tool to guarantee that users have a much better experience when it comes to dApps.

The platform comes fully equipped with payment APIs and SDKs, ID solutions, proprietary digital wallet amongst other products to make it easier for developers to build and migrate dApps developed on base platforms such as Ethereum. The network will operate with a modified version of Plasma with Proof-of-Stake oriented side chains.

The Cause Of Surge

The project is just at its beginning stage in the crypto market, having become fully operational less than one month ago on Binance. Presently, Binance is the source of more than 98% of trading volume of the token. Matic is one among many coins from the stables of Binance Launchpad that has shown good returns.

At the early hours of Monday, Matic disclosed that it had become a part of Binance Info’s transparency initiative, a move that will give investors access to updates regarding the progress and state of the project.

“Matic Network has officially joined Binance Info's transparency initiative. By sharing project-related information such as news and progress reports on Binance Info, Matic is contributing to keeping the community informed.”

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