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MATIC reacts to Meta and Robinhood adoption, the token that powers popular Ethereum scaler Polygon Matic grew by double-digits last week. Polygon (MATIC), is leading gains among top 20 largest cryptocurrency markets by market capitalization in the past week.

The MATIC coin, which powers the Ethereum scaling networks Polygon, has seen a 10.5% increase in value over the past week.

According to CoinMarketCap, MATIC trades are at $0.8941 as of this writing. This is 7.3% higher than the previous 24 hours.

According to Coinglass, MATIC short trades valued at $7.4 Million were also liquidated in the last week. Over the same time, long positions worth $5.1million were also liquidated.

MATIC has fallen 69.45% from its December 2021 all-time high of $2.92, suggesting data from CoinMarketCap.

Matic surges despite crypto slump this week

Polygon’s positive price action is accompanied by a few prominent brand integrations.

Yesterday Robinhood , a trading app, announced its integration with Polygon. Robinhood users now have the ability to deposit and withdraw MATIC via the Polygon network.

According to the company’s announcement, support for additional assets will soon be provided.

“Hey! Tweeted Robinhood: “Hey! Support for additional cryptocurrencies on other networks is coming soon.

OpenSea is the largest NFT market by trading volume and has now added support for Polygon. The integration will allow users to pay with MATIC, in addition to lower listing and minting costs.

Mark Zuckerberg’s Meta have launched, a new cross-posting function between Facebook and Instagram that uses Polygon-based NFTs. The company claims that the primary motivation for the new feature is “interoperability within the metaverse”.

The post Polygon’s MATIC Pumps 10% This Week Here’s What’s Driving The Surge first appeared on The Daily Encrypt.



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Angie Byrd