Will Polygon Matic Keep Dropping in 2024?
The price of Polygon Matic has been dropping continuously, currently trading at $0.757 with a 2% dip in the last 24 hours. This raises concerns about whether it will continue to drop throughout the year.
Polygon Matic Overview
Polygon Matic is a scalable layer2 network built on top of the Ethereum blockchain, providing security and decentralization. It quickly became popular by addressing Ethereum’s scalability issues and introducing Polygon 2.0 upgrade and the native token POL.
Market Performance of MATIC
MATIC started trading at $0.00263 and reached a peak of $2 during the 2021 bull market. Its price fluctuated based on overall crypto market performance, dropping to as low as $0.50 in 2022. In 2023, it experienced highs and lows, reaching $1.52 before dropping to $0.59 due to SEC regulations.
What Happened to MATIC Price After Polygon 2.0 Upgrade?
Polygon 2.0 upgrade aimed to decentralize and secure the network, connecting all ZK-proof sidechains and introducing the POL token. This led to a surge in price, crossing $1 mark after months of stagnation.
Will Polygon Matic Keep Dropping in 2024?
The current drop in MATIC’s price could be attributed to the launch of the POL token, which has more utilities in the network. If POL completely replaces MATIC, its relevance will diminish and its price will continue to drop. However, other factors can also influence its market performance.
Hot Take: The Future of Polygon Matic
While there is a high chance that Polygon Matic will keep dropping, only time will tell if it can find its uniqueness and maintain relevance in the market. Investors should closely monitor the developments and market trends to make informed decisions.
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