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Polygon (POL): 3 reasons to believe in a future bullish rally for ex-MATIC
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The price of the POL token (formerly MATIC), which powers the Polygon network, has been increasing since the token underwent a name change on September 13. The new beginning gave the project a boost of renewal, but POL still had a slight drop on the day of its launch.
This is because POL’s new tokenomics shows that the token has an infinite supply, while MATIC had a total supply of 10 billion. However, POL recovered from this initial shock, and the price found a bottom around $0.37 before starting to rise.
Since then, POL has risen more than 10% and reached its current value of US$0.43, but there is still a lot of room for further appreciation. Therefore, see three reasons that can make POL an excellent investment in the medium term.
The Polygon network is among the fastest growing networks in the blockchain ecosystem. According to Santiment, it has grown by 1,019% in the last 30 days, making it the fastest-growing major cryptocurrency network, followed closely by Wrapped Ethereum (WETH).
Growing network
This growth shows that interest in Layer 2 networks is still far from diminishing. On the contrary, this could be one of the main narratives for this cycle, which places Polygon as one of the biggest growth bets.
Polygon is the only known blockchain that is seeking to advance zkEVM technology, a layer 2 solution that will enable any network to function as the Ethereum Virtual Machine (EVM) with rapid finality through off-chain transaction calculations.
This would be phase 1 to upgrade the Proof of Stake (PoS) consensus to a full L2, powered by ZK.
Polygon Labs’ core developers have spent years focusing on technology to scale Ethereum, starting with PoS. As a result, they identified that ZK technology is the best way to achieve verifiable off-chain computing, and Polygon has what it takes to be a leader in this space.
With the strength of the first two factors, and POL’s current price at US$0.43, the market understands that the token presents a potentially profitable investment opportunity.
Given its strong fundamentals and growth prospects, investors may find this an attractive entry point. The relatively low price compared to its potential makes it an attractive option for investors looking for promising crypto assets
Polygon (POL): 3 reasons to believe in a future bullish rally for ex-MATIC
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Polygon (POL): 3 reasons to believe in a future bullish rally for ex-MATIC
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Polygon (POL): 3 reasons to believe in a future bullish rally for ex-MATIC
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Polygon (POL): 3 reasons to believe in a future bullish rally for ex-MATIC
