The Polygon MATIC/USD network, formerly known as the Matic Network has undergone a lot of support recently.
On June 16, Mark Cuban, a billionaire investor joined an executive from leading cryptocurrency projects in a panel discussion at the DeFi Summer virtual conference.
Here, he confirmed that he had invested into the Ethereum Layer 2 Scaling Solution Polygon and mentioned that aside from Bitcoin and Ethereum, the polygon network is “destroying” the competition:
Cuban likes Polygon: so now what?
Polygon (MATIC) has the support from at least one notable billionaire investor who put his money where his mouth is. But is this reason enough to buy MATIC now?
While Cuban’s support lends credibility to the bullish Polygon outlook, the coin has several catalysts to support growth on its own. On June 22 Polygon and the Liquality Wallet tied up to enable cross-chain bridge functionality into the Polygon Ecosystem.
The idea here is to give a smooth and seamless experience for users that want to use Polygon assets as well as dApps inside a multi-chain wallet. This in turn increases the user-base and interest in the token, increasing its price and value as a result.
On Wednesday, MoonEdge, which is Polygon’s First Launchpad, posted an article on Medium explaining in specific detail why it selected Polygon. Briefly, MoonEdge chose Polygon due to the full compatibility with the Ethereum Virtual Machine (EVM), scaling solutions, and the interoperable future, and due to the fact that they believe the best projects will turn to Polygon’s improved version of Ethereum for their projects, and they need MoonEdge to help them launch.
The MoonEdge Launchpad also shows a lot of hype and excitement about Polygon, which will bring a lot of future projects into the blockchain and in turn, raise the need and value of the MATIC token.
Should you buy Polygon (MATIC)?
On June 23, Polygon (MATIC) had a value of $1.18.
Polygon is up more than 25% Wednesday at $1.21 in reaction to two clear bullish catalysts. Despite the strong gains, the coin has a lot of room to run. We saw MATIC go up to $1.69 on June 15, and we know that it went as high as $2.45 on May 18, 2021. This showcases just how far Polygon has gone historically, and how far we can expect it to raise its value over time
For the time being, at $1.20 it might be a worthwhile investment if you are going to hold onto it for the long term. With the increase of the launchpad’s popularity, we can really start seeing changes and drastic differences by the start of 2022, where it has the potential to get to the $2 mark.
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