Polygon (MATIC) reached a new all-time high of $2.92 should you buy it?

By: Invezz
Polygon (MATIC) extended its correction from the record highs. Should I invest in June?

Polygon MATIC/USD is a blockchain scalability platform as well as a framework that connects and builds blockchain networks that are compatible with Ethereum.

It is a Layer-2 aggregator that aims to create a multichain ecosystem of Ethereum-compatible blockchains that have a higher level of interoperability.

Increased interest in the MATIC token as a catalyst for growth

Earlier this month, we discussed if Polygon (MATIC) was a good buy after Ethereum whales purchased 7.3 million MATIC tokens.

On December 22, Polygon (MATIC) made an announcement on their official Twitter page that after a hugely successful governance process with 72+ million supporting votes, Uniswap went live on Polygon.

According to a Tweet made by NarbTrading on December 23, Polygon monthly NFTs sold reached a new record high in the month of December, at 1.3 million.

On December 27, Polygon Studios announced that GuardianLink, which builds tech infrastructure to help NFT commerce go mainstream, is empowering creators with an NFT launchpad. 

All of these developments have increased interest in the MATIC token and have contributed to the growth of the token.

Should you buy Polygon (MATIC)?

On December 27, Polygon (MATIC) had a value of $2.82.

To see what this value point means for the MATIC token, we will go over its all-time high value as well as its performance last month.

When we go over the all-time high point of the Polygon (MATIC) token, we can see that it was on December 27 when the token reached a value of $2.92. 

The highest value point of the MATIC token in November was on November 3, when the token reached $2.11 in value.

Its lowest value point, however, was on November 18, when the token decreased to a value of $1.47.

Here, we can see that from November 3 to November 18, the token fell in value by $0.64 or by 30%.

However, from November 18 to December 27, the token increased in value by $1.35 or by 91%. According to data from IntoTheBlock, MATIC saw $3.49 billion in transactions greater than $100,000 throughout the span of the last seven days.

Additionally, the token saw $711.41 million in total exchanges inflows, as well as $645.02 million in total exchanges outflows.

With this momentum, we can expect the MATIC token to reach a value of $3 by the end of December, making it a worthwhile buy.

The post Polygon (MATIC) reached a new all-time high of $2.92 should you buy it? appeared first on Invezz.

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