MATIC, Polygon’s native token, is the highest performing cryptocurrency on CoinMarketCap’s list of the 50 best coins by market cap over the past 24 hours, with gains of around 20%.
MATIC reached its highest level since early June, in the mid-$6.0 range, a day after Polygon selected The Walt Disney Company’s record business growth program.
According to Disney’s release, Polygon is one of six organizations that will participate in the company’s Accelerator 2022, a business and development initiative created to promote the expansion of creative businesses globally.
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Polygon (Matic) has increased by 20% in the last 7 days
As of this writing, MATIC is trading at $0.656, an increase of 20.3% in the past seven days, Coingecko data showing Thursday its highest level in a month. In doing so, the coin also crossed the 50-day exponential moving average (EMA), the red sloping resistance mark that has capped MATIC gains since January of this year.
This week marks the launch of the Disney Accelerator, which aims to explore new technologies within augmented reality (AR), irreplaceable tokens, and artificial intelligence (AI).
Image: The Daily Hodl
The recent recovery in MATIC is also significant from a technical perspective and may herald a near-term shift in the fate of the cryptocurrency. According to the analysts, a fresh surge in the coin’s price is paving the way for additional gains towards $7.50.
MATIC PERFORMANCE BETTER THAN BTC AND ETH
Polygon was formerly known as Matic Network. MATIC is an Ethereum token that enables the Polygon Network, an Ethereum scaling solution. Using Layer 2 sidechains, a blockchain that runs in parallel with the Ethereum main chain, Polygon intends to make Ethereum transactions faster and more affordable.
MATIC’s bullish move was synchronized with the intraday recovery moves observed elsewhere in the cryptocurrency market. Polygon has outperformed the majority of its heavyweight competitors, including Bitcoin (BTC) and Ether (ETH). Walt Disney may be the driving force behind improving MATIC’s performance.
MATIC total market cap at $5 billion on the daily chart | Source: TradingView.com
A snapshot of the cryptocurrency market shows that the two largest cryptocurrencies by market capitalization, BTC and ETH, have seen price drops in the past 24 hours. Bitcoin is down 3.71%, while Ethereum is down more than 6%, according to CoinMarketCap data.
Meanwhile, Wednesday saw 9,845 mentions of Polygon among 1,792,394 social media posts on Twitter and Reddit. Nearly 8,675 different people discuss Polygon, which is ranked #30 in terms of number of mentions and activity within aggregated posts.
Featured image from Crypto Economy, chart from TradingView.com