Altcoins
Polygon (MATIC) Price Jumps 6% After Reddit Says It’s Trying to Use Altcoin
Polygon’s native cryptocurrency MATIC managed to climb out of the abyss after facing an 8.5% decline the previous day. At press time, Polygon (MATIC) price is up 8% at $0.98 with a market cap of $9.5 billion.
Reddit to use Polygon (MATIC) for payment
In its recent IPO filing, social media platform Reddit revealed its investments in Bitcoin and Ethereum. Reddit said it tested blockchain technology by purchasing Ether and Polygon (MATIC) for the sale of specific virtual goods.
The company clarified that the Ether and Polygon received were not significant in 2022 and 2023, but it expressed the possibility of continuing to use these cryptocurrencies as payment options in the future. This shows that large market players are willing to work with Ethereum Layer-2 solutions like Polygon to explore new opportunities.
Reddit mentioned that its product and engineering team owns cryptocurrencies for special purposes, although it did not disclose the specific types or quantities. The company also recognized the considerable potential it sees in blockchain-related technologies. However, Reddit has expressed uncertainty about business continuity and consumer adoption in this area.
“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and it is uncertain whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term,” he notes.
MATIC Price Action Coming
Earlier on Thursday, MATIC price saw heavy selling pressure after Polygon announced its latest token unlock. However, this appears to be a momentary knee-jerk reaction, as MATIC quickly regained lost ground.
As indicated, the MATIC Price managed to close daily above the $0.96 support, which keeps the doors open for a staggering price rise to $1.73.
The full circulation of MATIC supply presents a bullish outlook for the digital asset, especially in the long term. Inflation generally deters investors and discourages them from holding on to their coins, fearing an increase in token supply that could outstrip demand. With the entire supply now in circulation, MATIC price has the opportunity to explore price discovery without the looming fear of additional tokens entering the market.
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Bhushan is passionate about FinTech and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually learning and remains motivated by sharing his acquired knowledge. In his free time, he reads thriller novels and sometimes explores his culinary skills.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.