While most of the major cryptocurrencies have lost chunks of their value in the last few weeks, Matic Network is doing the exact opposite. MATIC is among the strongest performers, as it has surged with 160% at one point in less than two weeks. It recently got listed on another exchange, and the company continues with its staking initiative.
MATIC Price Skyrockets
MATIC is currently trading at around $0.03, which seemed somewhat unlikely only a few weeks ago. On November 22nd, MATIC hit its monthly low at 0.012, and the surge that followed was somewhat hard to anticipate. Yet, the price skyrocketed, gaining more than 160% in the two weeks that followed.
It’s worth noting that MATIC reached its all-time high on May 21st at $0.045, and it’s interesting to see if the gap could be closed in case the latest increase continues.
MATIC/USD. Source: TradingView
MATIC has also gained a substantial amount against Bitcoin. In the past 11 days, MATIC went from 177 SAT to 407 SAT. This represents a total price increase of 130% against Bitcoin.
This has also allowed MATIC to become the 59th largest project thanks to its increased market capitalization of around $79 million.
Further Developments From Matic Network
The growing interest in staking within the cryptocurrency world means more projects are turning to the Proof-of-Stake algorithm. Matic Network recently announced that the company would be heading the same way. As a result, 12% of all 10 billion tokens will reportedly be relocated to fund the staking rewards that users will receive.
Matic’s staking initiative is called Counter Stake, and its initial stage is already online.
Other news from the company includes involvement in some popular games. For instance, a partnership with a popular decentralized application platform resulted in a game that was launched yesterday.
Additionally, the cryptocurrency exchange and lending platform, WhiteBit, recently listed MATIC, continuing the strong run that the company has been having lately.
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