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Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

Amid the ever-present rally within the crypto market, a number of crypto belongings together with MATIC have climbed larger highs, thriving to achieve their peak and past. Whereas the catalyst behind the rally is likely to be unclear, Polygon’s (MATIC) bullish pattern might be part of its upcoming zkEVM Community replace. Because the launch attracts close to, traders have continued to extend in numbers pouring extra funds into the asset. 

Polygon is a layer-2 scaling resolution constructed on high of the Ethereum blockchain to enhance the community’s scalability. The soon-to-be-launched zkEVM community replace is simply one of many plans the builders of the Polygon community have introduced to reinforce the layer-2 scaling resolution. 

In response to Polygon co-founder Sandeep Nailwal’s latest tweet, the anticipated zkEVM comes quickly because the mainnet launch now has an official date which is someplace across the nook.

Polygon (MATIC) Surges Practically 10% In 24 hours

Over the previous 24 hours, MATIC has spiked in worth by 8.6%, mirroring different altcoins’ bullish pattern as the worldwide cryptocurrency market capitalization nonetheless holds regular above the beforehand amassed $1 trillion mark. 

MATICUSDT price chart on TradingView
MATIC worth is shifting sideways on the 1-day chart. Supply: MATIC/USDT on

The previous few weeks have seen a MATIC mark an upward rally motion, particularly for the reason that starting of the yr. MATIC has moved from the $0.75 price ticket seen late final yr to $1.09 on the time of writing. In the meantime, the 1-day chart nonetheless signifies extra rallies as there may be nonetheless liquidity on the larger highs to be taken.

Notably, MATIC is ranked the tenth most precious cryptocurrency asset by market capitalization, based on information aggregators CoinGecko and Coinmarketcap. Polygon at the moment has a market cap of $9.7 billion, larger than Solana with $8.8 billion however under Dogecoin, which sits at $11.8 billion.

Although MATIC has been climbing highs for the reason that starting of the yr, it’s nonetheless removed from its all-time excessive of $2.92, seen in 2021. With the continued disbelief within the crypto market amongst traders, it’s nonetheless unsure whether or not the zkEVM can be a ok catalyst to drive its worth past or nearer to its peak.

Polygon Community Person Exercise Plummets

Regardless of MATIC’s appreciation in worth, the community consumer exercise has recorded a decline within the variety of interactions. Polygon’s variety of each day customers began the yr positively shifting from roughly 404,000 seen on January 1 to 696,00 customers on January 6.

Polygon users from December 31, 2022, to January 26, 2023. Source: PolygonScan
Polygon Community customers from July 20, 2022, to January 26, 2023. Supply: PolygonScan

Nonetheless, at this time, the determine has declined greater than 10%, dropping to roughly 399,000, based on data from PolygonScan. The explanation behind the plummet remains to be unclear, because the community exercise is predicted to extend, given the community’s latest collaborations with a number of high corporations. 

Final yr, Fb (Meta) added assist for the Polygon community. As well as, the layer-2 scaling resolution not too long ago partnered with Mastercard to launch a Web3 accelerator program to carry budding musical artists into the highlight by leveraging Web3 expertise and different blockchain-based improvements.

Featured picture from FreePiks, Chart from TradingView

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