The crypto markets are once again picking up steam after falling to new lows in the last few days. The current relief is most probably riding on the less-than-expected CPI (consumer price index) numbers released by the Federal Reserve. Although inflation is still high, the lower number provided a much-needed boost in confidence among investors. Among the top cryptos, Polygon (MATIC) has once again emerged as the best performer.
Bitcoin (BTC) has managed to surpass the $17k level, with 5.7% gains in the last 24 hours. On the other hand, Ethereum (ETH) has rallied by 8.7% in the same time frame, hovering in the mid $1200 levels. But Polygon (MATIC) has made double-digit gains in the last 24 hours, being up by 25.8%. It is also the only top-10 non-stablecoin project with weekly greens. MATIC is up by 12.9% over the last week.
Why is Polygon (MATIC) rallying big?
MATIC was also the top crypto performer in the previous week, owing the rally to Meta using the network for its NFT initiatives. Moreover, JP Morgan had successfully completed its first DeFi trade over the MATIC network.
Developments on MATIC have continued into this week. Although the Polygon and Disney partnership was revealed in July, the network has just revealed that it will be developing exclusive digital collectibles for Disney employees.
Reddit’s Polygon-powered PFP’s have also become extremely popular. Since the launch of these collectibles, there have been 3 million new Polygon wallets.
MATIC’s utility was further expanded when Bitpay announced support for the token.
Furthermore, the popular memecoin Floki Inu (FLOKI), also went live on the MATIC network a few days ago. MATIC is the 12th chain supported by the project.
At press time, Polygon (MATIC) was trading at $1.08, down by 0.8% in the last hour.