Polygon remains bullish despite crypto market’s regulatory concerns

February 19, 2023 at 3:38 pm

Edited by Dalmas Ngetich

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Polygon remains bullish despite crypto market’s regulatory concerns

Polygon (MATIC) has been on an uptrend in the past few weeks despite the regulatory uncertainty and the higher-than-expected inflation in the U.S.

Polygon’s zkEVM rollout and Web3 activity

Polygon has gained attention from investors for a couple of reasons. One of the major ones was its announcement that Mar. 27 would be the day its zero-knowledge Ethereum Virtual Machine (zkEVM) beta network would go live. The tech is one of the most promising scaling paths to Ethereum.

What's the most exciting feature of #zkEVM?
— Polygon (@0xPolygon) February 16, 2023

Twitter poll on polygon’s zkEVM features

There is also a surge in NFT activity. Dune Analytics data shows that NFT sales on Polygon surpassed Ethereum in December 2022 and January 2023.

Square Enix, one of the top gaming studios in the world that made games such as Final Fantasy, recently announced that it was switching its game launch from Ethereum to Polygon, citing scalability and fees on the sidechain. The company plans to launch an NFT game with around 10,000 character NFTs tied to strategic game mechanics.

Meanwhile, Starbucks NFTs, selling for thousands, are built on Polygon. Even though the project, Starbucks Odyssey, is still in beta, the latest airdrop sells for almost $2k for each NFT. The sales have generated more than $143k, receiving more attention for both the collection and Polygon.

Azuro recently partnered with Polygon to launch the Azuro protocol. According to the announcement, Azuro found it fitting that it could bring the platform’s liquidity to a space where sports and innovation thrive.

MATIC is up 16% in a week

Polygon(MATIC) is trading at $1.51 at the time of writing, up 16.7% in the last week, with a marketing cap of $13.17B taking it to 9th place among all cryptos in ranking by market cap.

Polygon USD chart. Source: CoinMarketCap

On Feb. 12, its market cap was $10.8B and ranked 10th. At this time, it was trading at $1.24. Days later, it climbed to the 9th place, on Feb. 16, with a market cap of $11.2B. The price at this time was $1.37. It has retained its position among the top 10 cryptos by market cap.