The week has been quite a ride for Polygon and MATIC as the network and its token have seen significant growth. Surprisingly, the altcoin is still maintaining its rise thanks to solid support from broader market cues as well as a recent development.
Polygon arrives on Coinbase
Heeding the demands of its users, crypto-exchange Coinbase finally added support for Polygon and Solana, allowing traders and investors to send and receive cryptocurrency on multiple networks. This way, it will significantly reduce users’ losses as the gas fees on both Polygon and Solana are far lower than Ethereum, which was the only option available up until now.
These latest developments came just days after Polygon achieved carbon neutrality, making it one of the only few environmentally sustainable chains.
The news also triggered a rally for MATIC, which managed to push it up by 71.39% to bring the trading price to $0.593 from lows of $0.326.
However, looking beyond its price action, growth has positively impacted investors as well.
The MATIC price rally…
First of all, the rally triggered individuals to buy back the MATIC they sold during the downfall. This purchase accounted for about $183 million worth of MATIC being purchased.
This was considered as an opportunity to stock up for booking profits once the price went up for some, while for others, it was reclaiming the MATIC they had to sell to cut their losses.
But, not all is going well for Polygon as older investors ended up moving their supply right as the price started to hike. Around 12 June, the distribution of supply among the short-term, mid-term, and long-term holders stood at 5.8%, 59%, and 34%, respectively.
Since then, many mid-term holders have been either liquidating their holdings or moving them around. Especially as at the moment, the supply held by these cohorts is close to 8.6%, 55%, and 35%, respectively.
Regardless, this might be a good sign for the network since the higher the activity would be, the longer the rally can sustain itself.