MATIC Traders Record Profits As Polygon Rises By 50% In The Month

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This month has seen a number of cryptocurrencies enjoy a favorable run, but the native token of the Polygon blockchain appears to be ready to close January with a big achievement.

According to CoinGecko’s data, the last week saw MATIC record a rise of 19% to reach $1.19, which means that the total gains of the token in the month of January would be around 50%.

This comes as there has been a 44% and 38% increase in the values of Bitcoin and Ethereum, respectively, in the last 30 days.

MATIC’s rise

At publishing time, MATIC had become the tenth-largest crypto in terms of market cap, as its total value reached $10.6 billion.

Polygon is a sidechain that operates with Ethereum and is aimed at improving on it by offering lower fees and faster transactions, while also functioning as a platform for blockchains that are interoperable.

Since the token was experiencing a sustained rally, a pseudonymous Twitter account highlighted one wallet address that had managed to record significant returns thanks to MATIC.

In September 2020, the wallet in question received a total of 4m MATIC tokens from crypto exchange Binance, which were valued at $0.02 per token, totaling $84,000.

As per Etherscan, the wallet did an exchange for its MATIC holdings against stablecoins 2 days ago for a whopping $5.2 million.

The return

Even though the number of MATIC tokens sold in the transaction was higher than the amount that had been initially bought from Binance, the trader was still able to enjoy a return of 50 times what they had originally paid.

At the time of sale, a total of 4 million MATIC tokens were valued at $1.14 per token or a total of $4.5 million.

But, it should be noted that the recent rise in the token’s price is still not close to its peak that it had recorded in December 2021 at $2.92.

The MATIC token is still 60% down from its all-time high price. The 4 million in MATIC would have been valued at $11.7 million at the token’s highest price.

The upgrade

The price action in the MATIC token comes at a time when Polygon is gearing up for an upgrade that had been announced last year in July.

Sandeep Nailwal, the co-founder of the Polygon sidechain, recently announced that the upgrade now has an official date and they would roll it out soon.

The zkEVM upgrade is a scaling solution, which is compatible with the smart contracts that exist on Ethereum.

They are able to verify transactions in large batches through zero-knowledge proofs, a cryptographic method called rollups in an efficient manner.

Cryptography uses zero-knowledge proofs for proving that a statement is true without revealing its contents or disclosing what steps were taken for determining its truthfulness.

When the upgrade had first been announced for Polygon, the co-founder, Mihailo Bjelic had said that Ethereum could compete with Visa, the global payments processor, in terms of quick transaction processing.


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