Why is Polygon (MATIC) rising? Does it have a Robinhood connection?

Be the First to Comment Read

Why is Polygon (MATIC) rising? Does it have a Robinhood connection?

Why is Polygon (MATIC) crypto rising? Does it have a Robinhood connection?
Image source: © Kviztln | Megapixl.com


  • Polygon is the first well-built, easy-to-use platform focused on Ethereum scaling and infrastructure developments.
  • It returned over 242% gains in the past 12 months.
  • MATIC is available for trading on exchanges like Binance, OKX, etc.

The cryptocurrency market was trading in the green on Tuesday morning. The market ticked up 0.34% to US$1.89 trillion at 9:22 am ET, while its volume in the trailing 24 hours jumped 18.65% to US$104.50 billion, according to CoinMarketCap.com.

The Polygon (MATIC) crypto was drawing significant attention on Tuesday. The MATIC token price was up over 4%, while its volume jumped more than 34%.

Also Read: Ampere Computing files for IPO, here's all you need to know

What is Polygon (MATIC) crypto?

Polygon, previously Matic Network, describes itself as the first well-built, easy-to-use platform focused on Ethereum scaling and infrastructure development. Its main component is Polygon SDK, a modular and flexible framework to support the creation of different applications.

Backed by Binance and Coinbase, it is a layer 2 scaling solution that aims to encourage mass adoption of cryptos by addressing scalability issues on various blockchains. Polygon, co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, was launched in October 2017.

Also Read: Is Mindbody planning to go public again?

By using Polygon, a user can create ZK rollup chains and other infrastructure required by developers. It claims to effectively remodel Ethereum into a full-fledged multichain system or Internet of Blockchains. The multichain system is similar to networks like Polkadot, Avalanche, etc., with the benefits of Ethereum security.

MATIC is the native utility token of the Polygon ecosystem. It is an ERC-20 token and runs on the Ethereum blockchain. It enables governance and provides security on Polygon. Additionally, it is used as a payment solution and settlement currency between users on the platform.

MATIC can be purchased on Binance, OKX, FTX, etc.

Also Read: Why is Valencia CF Fan Token (VCF) crypto gaining traction?

Does Polygon (MATIC) Have A Robinhood Connection?

Why is it rising?

Robinhood's crypto-focused trading platform has recently added the MATIC token. Besides Matic, Shiba Inu (SHIB), Compound (COMP), and Solana (SOL) were also listed on Robinhood's Crypto platform. These developments may have raised investors’ interest in Matic. The prices of SOL, SHIB, and COMP surged over 5%, 21%, and 6%, respectively, on the news.

Also Read: What is Earncraft (PLOT) crypto and why is it rising?

Polygon (MATIC) crypto price and performanceSource: *data provided by CoinMarketCap.com

Bottom line:

The MATIC coin was priced at US$1.43 at 9:26 am ET on April 12, up 4.13%, while its volume for the last 24 hours soared 34.91% to US$710.80 million. It has a market cap of US$11.12 billion, and its fully diluted market cap is US$14.25 billion.

Its maximum supply is 10 billion, and the total circulating supply is 7.81 billion. It returned 242.17% gains in the past 12 months while increasing 3.03% in the last 30 days.  

Also Read: Why is NEAR Protocol (NEAR) crypto rallying?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


Speak your Mind

Featured Articles