Polygon (MATIC) Keeps Shining With Over 12% Gain In Value

MAtPolygon (MATIC), the Ethereum layer-2 protocol, is swimming in gains throughout October. The last seven days alone have seen the coin increase by over 12% and currently sits at a value of $0.941. Polygon is one of the highest-performing coins on CoinMarketCap, with a market cap of just above $8 billion. Polygon suffered a devastating dip in price this June. However, it has slowly recovered since then, reaching a peak of $1.04 in the middle of August. The MATIC price reached $0.95 on October 26th, close to its August all-time high. This was possible thanks to significant community support, strategic alliances, new product releases, and developer activity. Related Reading: Polkadot Price Depreciates, Will The Bulls Be Able To Defend This Support Line? The coin has now stabilized in price, trading around $0.94 at press time. But this makes it something of an exception in the red crypto market. MATIC Looks Pretty With Weekly/Monthly Gains In the past week and month, MATIC has gained more than 12% and 26%, respectively. Polygon’s favourable price performance in this period has been driven by dramatically increased user activity. According to CryptoSlate’s analysis, the number of unique IP addresses on the network has increased significantly, reaching levels not seen since July. There has been a rise in Polygon’s user base, but this hasn’t resulted in a MATIC sell-off just yet. More and more MATIC is being...