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The popular cryptocurrency on the Binance exchange, Polygon (MATIC), has remained a topic of discussion for investors in the past year. As a result, its price losses have been significantly limited. The altcoin, which causes less loss for investors, is preparing for a transformation that could further increase interest in it.
Polygon (MATIC)
Polygon (MATIC) price plummeted when it was labeled as a security by the SEC in its June lawsuit. On June 11, the price dropped to the bottom region, reaching $0.58. The popular cryptocurrency is now transforming from MATIC to POL
The Polygon team has released a new Polygon 2.0 whitepaper, planning to launch a new POL token on June 13, 2023. This transformation step, which is particularly important in terms of decentralization, will make it less centralized. Whether the team will be successful in avoiding the wrath of the SEC remains to be seen.
MATIC Coin Review
Since the announcement of Polygon 2.0 on June 13, the MATIC price has already gained a 13% increase. As tokenomic modifications and discussions continue, the transition from Polygon MATIC to POL token is expected to have a positive impact on the price.
Since the POL Token announcement, whale investors have increased their trading activities. According to data provided by Santiment, one day before the June 13 announcement, Polygon recorded only 61 Whale Transactions. However, this number rose to 112 by the June 18 closing.
The above chart shows that despite the marginal decrease in price this week, whales have been buying more. It appears that whales have already positioned themselves for future stake rewards and governance advantages summarized in the technical review of the transition from MATIC to POL token.
On the other hand, the number of active addresses in the network continues to increase since the announcement. The increasing transaction activity between whales and individual investors indicates that the transition from Polygon MATIC to POL token could significantly contribute to the price.
In a potential rise, MATIC or its future name, POL Token, could surpass the $1 target. However, if the general market decline also pulls it down, the first stop will be $0.7.
