Polygon (MATIC) has been on a bullish trend in recent weeks despite regulatory uncertainty and higher-than-expected inflation in the US.
Polygon zkEVM release and Web3 activity
Polygon has caught the attention of investors for a couple of reasons. One of the biggest was his announcement that March 27 would be the day his zero-knowledge Ethereum Virtual Machine (zkEVM) beta network would go live. The technology is one of the most promising scaling paths to Ethereum.
There is also an increase in NFT activity. Dune Analytics data shows NFT sales on Polygon outperformed ethereum in December 2022 and January 2023.
Square Enix, one of the best game studios in the world that made games like Final Fantasy, recently announced that it would be switching its game release from Ethereum to Polygon, citing scalability and sidechain fees. The company plans to release an NFT game with around 10,000 NFT characters tied to strategic game mechanics.
Meanwhile, Starbucks NFTs, which are selling in the thousands, are based on Polygon. Although the project, Starbucks Odyssey, is still in beta, the most recent airdrop sells for almost $2k per NFT. Sales have generated over $143k, receiving more attention for both the collection and Polygon.
Azuro recently partnered with Polygon to launch the Azuro protocol. According to the advertisementAzuro saw fit that it could bring the platform’s liquidity to a space where esports and innovation thrive.
MATIC has risen 16% in a week
Polygon (MATIC) is trade to $1.51 at the time of writing, up 16.7% in the past week, with a marketing capitalization of $13.17 billion, moving it to ninth among all cryptocurrencies in the ranking by market capitalization.
Polygon USD chart. Fountain: CoinMarketCap
On February 12, its market capitalization was $10.8 billion and ranked 10th. At the time, it was trading at $1.24. Days later, it rose to ninth place, on February 16, with a market capitalization of $11.2 billion. The price at that time was $1.37. It has retained its position in the top 10 cryptocurrencies by market capitalization.
