Polygon (MATIC) Soars 13% Weekly Amid Bear Market – Here’s Why

Polygon’s superpower underlies in its ability to stay relevant even during bear market.

Polygon MATIC Soars 13% Weekly Amid Bear Market - Here’s Why

Despite the prolonged bear market trying its hardest to pull many of the top 100 cryptocurrencies by market cap beneath the waves, Polygon (MATIC) has managed to stay afloat, recording 13% gains in the last 7 days. Ranked #14 by market cap, Polygon (MATIC) trades at $0.840088 at the time of writing, according to CoinGecko, putting Polygon among the top gainers of the last week, trailing only Maker (MKR) and Elrond (EGLD), which raked in gains of 13.5% and 15.8% respectively.

According to statistics provided by LunarCrush, Polygon’s native $MATIC ousted popular blockchain game Decentraland as the most mentioned project on Twitter, proving the company’s flexibility since rebranding in 2020.

Polygon’s Long List of Partners

One prominent reason for Polygon’s recent success is its array of newly-formed partnerships. The blockchain company made headlines earlier this year when it was featured in Disney’s ‘Accelerator Program’ for 2022. Additionally, Polygon joined forces with Coca-Cola earlier this year to release a Pride-themed NFT collection.

Most recently, the blockchain firm was hired to assist in the development of Starbucks Odyssey for coffee giant Starbucks. Other notable partnerships attained by the Web 3.0 project include Adobe, Mercedes, Reddit, Meta, and the NFL, while MATIC itself received favor among trading platforms, with retail trading app Robinhood adding $MATIC, and OpenSea introducing Polygon blockchain integration for NFT trades.

Polygon (MATIC) at the Forefront of Web 3.0

Polygon (MATIC) has put in serious effort to expand its own ecosystem, introducing Polygon Studios, Supernets, Avail and Polygon ID to stay on top of the crypto game. The crypto firm has placed particular emphasis on security. Its newest partnership with Halborn Security will see the two firms conduct a security audit of Polygon Avail. Ultimately, the team “believes that every scaling solution should be easy to implement, decentralized and most importantly, secured.”

On the Flipside

  • Polygon’s native cryptocurrency is still down 71.1% from its all-time high, set 9 months ago.

Why You Should Care

Retail brand partnerships can significantly boost a project’s crypto adoption.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.