MATIC Surges 8% As Polygon 2.0 Inches Closer

Paigambar Mohan Raj
Source: Binance Academy

Polygon (MATIC) is currently the second biggest daily gainer among the top 100 crypto projects. The token has surged by 7.8% in the last 24 hours and by 4.7% in the weekly charts. Furthermore, the project is getting very close to overtaking Tron (TRX) in terms of its market cap.

According to crypto analysis firm Santiment, MATIC is experiencing a rebound in its network growth. After the U.S. SEC’s lawsuits against Binance and Coinbase in early June, network growth for Polygon took a massive hit. However, it has been slowly climbing back up over the past 30 days. The analytics platform also noted that there is a decreasing supply of tokens on exchanges. This is also a positive development for bulls as it leads to less sell pressure on the market. Apart from that, Polygon is also seeing an increase in daily addresses, complementing the positive network growth.

Also Read: Polygon Rallies 9.2% After Appointing New CEO

Besides the fundamentals, investors are also keeping a close eye on the upcoming Polygon 2.0 launch. The initiative is a series of upgrades to transition Polygon (MATIC) into a ZK (zero knowledge)-powered layer-2 network. The final announcement of Polygon 2.0 will be made on July 17, as per the official website.

MATIC-based NFTs see increased volumes and mints

Source: Zerion

According to Nansen, Polygon’s (MATIC) NFT (non-fungible token) trade volumes are 11% higher than a month ago, when the SEC began its crusade. As per Nansen’s data, NFT trading and minting have reached pre-SEC lawsuit levels.

Source: Nansen

Going by the aforementioned developments, MATIC might just be turning its luck around. The firm has also promoted its former Chief Legal Officer as the new CEO, which also saw positive reactions from the community. Many were enthusiastic about having a CEO with a legal background, given the regulatory uncertainty in the U.S. At press time, MATIC was trading at $0.738022, up by 0.3% in the last hour.

Also Read: Solana NFT Sales Rise 270%: Bitcoin Loses 2nd Rank