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The Layer 2 network Polygon‘s native asset MATIC showed resilience, moving upward after an 8.5% drop the previous day. At the time of writing, MATIC’s price has recovered by 8%, trading around the $1 mark with a market value of $9.5 billion. This positive price movement followed a development with Reddit, highlighting MATIC’s increasing utility and adoption within the crypto ecosystem.
Reddit’s Crypto Moves Include Polygon’s MATIC
As a significant move, social media giant Reddit disclosed its investments in Bitcoin (BTC) and Ethereum (ETH) in its latest public offering filing. Reddit also mentioned purchasing ETH and MATIC for certain digital product transactions, indicating its exploration of blockchain technology through various tests.
Although investments in ETH and MATIC in 2022 and 2023 were not of extremely high amounts, Reddit’s mention of potentially continuing to use these two altcoins as payment options in the future has sparked excitement. This points to Reddit’s interest in potential collaborations and innovative opportunities with Ethereum Layer-2 networks like Polygon.
While Reddit acknowledges the potential of cryptocurrency and blockchain technology, it also emphasized the uncertainty regarding their long-term adoption by consumers and businesses. The company’s cautious stance reflects the ongoing high volatility and the uncertainties surrounding widespread adoption in the evolving crypto market. Nonetheless, Reddit’s interest in exploring blockchain-related technologies, including MATIC, is a significant reflection of mainstream institutions’ growing interest in leveraging decentralized solutions.
MATIC Could Rise to $1.73 in the Short Term
MATIC faced selling pressure following the announcement of Polygon’s latest token unlock on February 22, but the subsequent recovery indicated that the sell-off was a temporary reaction.
The major altcoin managed to close a daily candle above the $0.96 support level, potentially paving the way for a rise up to $1.73. Amid short-term fluctuations, MATIC’s strength showcases the altcoin’s potential.
Furthermore, the nearing end of MATIC’s token unlock events presents a bullish outlook for the altcoin, especially in the long term. With no additional tokens entering the market, concerns about inflationary pressure are alleviated, allowing for free price discovery of MATIC. This development reassures investors and encourages long-term investment, contributing to MATIC’s upward price trajectory and sustainable growth potential in the future.
