Polygon’s MATIC Rallies to ATH Right After Crashing 73% Following Mark Cuban’s Backing
While MATIC rose to almost $2.4 during its latest run-up, near its ATH at $2.7 from last week, layer 2 solution Arbitrum, which doesn’t have a token, is ready to release its mainnet for developers this week.
The crypto market is making a stellar recovery this week after the brutal correction last week. Leading this recovery is none other than MATIC, which has been rallying pretty hard before the pullback as well.
Up about 13,000% YTD, MATIC made its all-time high at just above $2.7 on May 18. The very next day, it succumbed to the selling pressure as Bitcoin crashed to $30k on Black Wednesday, taking the entire crypto market down with it.
MATIC found its bottom at $0.74 on Sunday, down 72.6% from its ATH, in line with another big correction that particularly affected Ether which tumbled to $1,725 and altcoins, many of which tanked a whopping 90-95%.
The very next day, yet again, MATIC prices went berserk and hit nearly $2, and today the coin is aiming for its ATH yet again, going to almost $2.4.
MATIC, the native token of Polygon, previously known as Matic, is currently the 13th largest coin with a market cap of $14 billion, as per CoinGecko. The coin is seeing $9.8 billion in 24-hour volume, the fourth-highest after Tether (USDT), Ethereum (ETH), Bitcoin (BTC), and Ethereum Classic (ETC). BTC 0.10% Bitcoin / USD BTCUSD $ 27,071.39
$27.070.10% Volume 10 b Change $27.07 Open $27,071.39 Circulating 19.39 m Market Cap 525 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH -0.24% Ethereum / USD ETHUSD $ 1,886.22
-$4.53-0.24% Volume 4.07 b Change -$4.53 Open $1,886.22 Circulating 120.23 m Market Cap 226.79 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 ETC -0.11% Ethereum Classic / USD ETCUSD $ 18.15
-$0.02-0.11% Volume 71.42 m Change -$0.02 Open $18.15 Circulating 141.29 m Market Cap 2.56 b 1 y “We're Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million 1 y Robinhood Reveals Security Breach that Left 7 Million Customers Data Exposed 1 y Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List
This latest uptick in MATIC prices came after the Ethereum scaling solution gained funding from billionaire investor Mark Cuban who has been taking special interest in the cryptocurrency market this year.
“Mark Cuban is one of the most prolific and insightful investors with investments in top startups, and he is also one of the Sharks on Shark Tank. We're proud to share that Polygon is now part of the Mark Cuban company portfolio!” noted the project team.
Have legendary @mcuban as an investor – CHECK!! https://t.co/td05cnz9AW
— Sandeep – Polygon(prev Matic Network) (@sandeepnailwal) May 25, 2021
The project, which was rebranded as Polygon in February this year, aims to support multiple layer 2 solutions such as Optimistic Rollups (OR), zkRollups (ZKR), and Validium and effectively become an L2 aggregator.
The side chain currently has $10.6 billion of total value locked (TVL) in it as the project gains traction amidst the lack of working layer 2 solutions in the market.
However, this is soon going to change as layer 2 solution Arbitrum gets ready to release its mainnet this week. The project has no token.
An Optimistic Rollup built to scale Ethereum; the community is awaiting Arbitrum with much anticipation, which will open its mainnet to developers on May 28.
Two big projects AMM SushiSwap and oracle Chainlink, have already announced their plans to deploy on Arbitrum once it goes live. SUSHI 0.17% SushiSwap / USD SUSHIUSD $ 0.85
$0.000.17% Volume 13.54 m Change $0.00 Open $0.85 Circulating 230.44 m Market Cap 196.71 m 1 y Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 y Is This The Beginning of the Santa Rally? Markets Jump in Asia Session 1 y Polygon Rolls Out EIP 1559 Implementation to Burn MATIC Token LINK 0.14% Chainlink / USD LINKUSD $ 6.44
$0.010.14% Volume 94.98 m Change $0.01 Open $6.44 Circulating 517.1 m Market Cap 3.33 b 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Layer 1s Lead Crypto Recovery But “Tricky” Macro Environment Raises Potentials for “Extreme and Violent” Moves 1 y Bitcoin’s Longest Slump Since May Severs its Pandemic-era Correlation With Tech Stocks
Decentralized perpetual swap platform MCDEX shared that they have been testing on Abribitrum testnet for a while, and feedback revealed that it made user experience on its V3 protocol on par with centralized exchanges and gas costs were “immensely” cheap — “up to 100x cheaper comparing to Ethereum mainnet” — along with smooth and fast transactions.