Polygon Denies Crypto Decline, Token Up 40% After Entering Instagram | Tech Reddy

Polygon’s MATIC has soared 40% since the chain announced Thursday that it will partner with Instagram to minister and sell NFTs through its platform, reaching $1.27. MATIC boosted its earnings on Monday even as the entire crypto market was weighed down by what appeared to be a dispute between the CEOs of crypto exchanges Binance and FTX.

Polygon
MATIC
which is used to create Ethereum
ETH
block better, has spent the past month working with a variety of large businesses looking to explore decentralized internet operations. Last week, Meta Platforms announced that it will allow users of its Instagram service to mint and sell nonfungible tokens (NFTs) on Polygon-powered nonfungible tokens (NFTs) on its platform. , creating a marketplace for crypto products will be beneficial.

That same day, crypto-skeptic JPMorgan used Polygon to conduct its first cross-border transaction via a distributed ledger on a public blockchain. Less than two months ago, the CEO of the investment bank, Jamie Dimon, said that cryptocurrencies are “Ponzi schemes that have been reduced,” and the use of the blockchain tool is seen as a weakness of that base.

Crypto behavior analysis company Santiment attributed the rise of MATIC to two news developments.

The loss of Polygon’s corporate relationships led the chain to “Web3 on the ramp for millions of users,” according to a report by analysts Bernstein, discussing the outlook of the Internet. Jobs with Starbucks
SBUX
and Robinhood earlier in the year featured winning companies in diverse industries for the Polygon chain.

The network’s growth has increased, with Polygon’s Q3 report showing a 60% increase in downloadable apps created on its chain. Unique wallet addresses, which represent the number of individual users who have registered a wallet address on the same chain, reached 188 million, just behind Ethereum’s 210 million.

Despite rising prices, the trading volume of MATIC tokens continues to decline, falling to $1.3 billion from a peak of $2.3 billion last week according to CoinMarketCap data.

The other 2 chains are the ones used to make Ethereum more suitable for larger transactions, and Polygon’s competitors have not worked. Although the price of MATIC has increased by 50% in the last month, Immutable X and Loopring
LRC
up 12% and down 23%, respectively. Other Ethereum competitors with similar market capitalizations to Polygon, including cardano and solana, are down 5%.

The cryptocurrency market is currently at $1.03 trillion, down 2.7% on the last day, while MATIC’s market cap rose to $11 billion from $8.56 billion on Thursday.