Polygon (MATIC) Price Prediction for 2023-24: 8% Increase in 24 Hours!

• Polygon (MATIC) has seen an impressive increase of over 8% in its price over the past 24 hours.
• The token gained a reputation for its strong community and active development team, making it a promising project in the Ethereum ecosystem and beyond.
• MATIC has seen a price appreciation of more than 28% since the beginning of 2023, driven by its use case as a Layer 2 scaling solution for Ethereum.

Overview

Polygon (MATIC) has seen an impressive increase of over 8% in its price over the past 24 hours. However, this increase is a drop in the bucket compared to what the token lost in 2022. MATIC aims to bring the scalability and speed of centralized exchanges to the decentralized world, making it easier for developers to build and deploy their applications on the Ethereum (ETH) network. Besides its technical capabilities, the token gained a reputation for its strong community and active development team. It is seen as a promising project in the Ethereum ecosystem and beyond.

Price Analysis

Data from CoinMarketCap showed that MATIC was trading at $1.37 at press time. The token was ranked ninth by market capitalization, which stood at $13,510,016,037. Over the past 24 hours, more than $871 million worth of MATIC were traded. According to Coinglass, the total open interest on MATIC futures increased by over 19%.

Growth Drivers

The increase in MATIC’s price could be attributed to the growing popularity of the Ethereum network and enthusiasm that companies have shown in implementing their Ethereum-based dApps using Polygon. This has made Polygon an attractive investment opportunity for those looking to invest in blockchain technology. Additionally, MATIC’s popularity has been driven by its use case as a Layer 2 scaling solution for Ethereum providing faster and cheaper transactions and increased scalability to the Ethereum network – especially useful for dApps who often struggle with high transaction fees and slow transaction speeds on Ethereum due to capacity issues on ETH’s mainchain layer 1 protocol.]]

Hard Fork & Community Support

The unique features of Polygon have made it a go-to solution for dApp developers looking to scale their projects, and its growing popularity and adoption are likely to drive up value of MATIC higher in years ahead . The Polygon network recently underwent key hard fork – upgrade that had been anticipated by community – addressing spikes gas fees & disruptive chain reorganizations . A report published by Blockchain analytics firm Messari shows that third quarter 2022 saw 180% increase number MA users . This further highlights strength behind support base & how much potential lies ahead .

Conclusion

Overall , MATIC’s strong community , active developer base & usecase as Layer 2 scaling solution makes it attractive investment opportunity . Its increasing adoption & growth drivers suggest even better performance year ahead .