Polygon is on an expansion spree, adding more DeFi applications to its network every day. The effects this could have on the network contribute to the bigger picture of MATIC’s growth.
Polygon in the Metaverse
Just a few days ago, Zignaly, the VC-backed NFT insurance protocol opened their first office in the Bloktopia’s Metaverse. Their purpose behind this was to firstly spread awareness about their mission of ‘financial freedom.’ And, to also provide coverage to their upcoming partners at their Metaverse office.
Zignaly office in the BLOK Metaverse | Source: Zignaly
This instance speaks volumes to the exploding use of Metaverse and the potential real-life implications it can have.
Marketing/promotion in the Metaverse over the real world is paying off for those who are inclusive of this niche. This might soon reach the general audience as well.
Furthermore, with over 169 protocols and over $5.4 billion locked on the chain, Polygon is keeping up with its aim to become the DeFi hub.
In doing so it may attract the interest of a myriad of investors towards the network and the question of profits that comes along with them. The recent crash which had a notable impact on the market had no effects on the network’s token.
MATIC’s ATH of $2.8 on 26 December was proof of the same. The 31% drop that came after, is also being recovered quickly. The altcoin shot up by almost 21% in four days. However, the biggest jump of 14% was observed on 11 January, soon after the Zignaly announcement.
MATIC price action | Source: TradingView – AMBCrypto
The fortunate events of December managed to keep most of the investors safe from losses throughout the peak of the bear market. At the time of this report, 80% of the investors were still safe from losses.
Polygon investors are mostly in profit | Source: Intotheblock – AMBCrypto
Now, for a lot of investors and traders alike, the altcoin’s high correlation with Bitcoin might be a matter of concern. But mercifully, the overall crypto market managed to break the downtrend once again and test it as support.
The green candle on 14 January was another sign of optimism. Now, if the movement continues in that direction, MATIC will soon take sides with bulls.
Overall crypto market testing the downtrend | Source: TradingView – AMBCrypto
