Polygon Traders To Push Price To $2, Applies The $125 Million Strategy 

Polygon Traders To Push Price To $2, Applies The $125 Million Strategy 

With traders employing a $125 million strategy that has driven the token’s price to $2, Polygon (MATIC) has emerged as one of the standout performers in November’s crypto market in a stunning display of market dynamics. MATIC has steadily maintained its position despite the inevitable market swings, earning a spot among the top gainers in November’s top 20 cryptocurrency market gainers charts. 

 The resilience of the token against market fluctuations highlights the robustness and allure of the Polygon network, which has emerged as a preferred platform for layer-2 solutions and Decentralized Applications (dApps). The declaration made by OKX on November 14 fueled the bullish momentum of MATIC. 

A new zKEVM layer-2 network called X1 was introduced by OKX cryptocurrency exchange. It was constructed using Polygon CDK (Contract Development Kit). Through this calculated partnership, OKX and Polygon unveiled a layer-2 solution that improves scalability and lowers transaction costs on the Polygon network. 

Introduction Of X1 Impacts MATIC Price Movement, Continues Climbing 

The incorporation of X1 on the Polygon network has been named one of the significant factors for the positive movement of MATIC. By reducing network congestion and improving transaction throughput, Layer-2 solutions like X1 hope to make user experiences more productive and economical. 

The cooperation between OKX exchange and Polygon has been linked to a deliberate attempt to improve the ecosystem’s capabilities and draw additional users to its active and expanding community. The Cryptoquant graphic, which indicates that the Polygon network transaction count is currently at its highest point since September 28, is one of the key indicators of Polygon’s increased activity and popularity.   

The $125 million tactic MATIC traders use highlights the tactical decisions made inside the Polygon ecosystem. Recognizing the potential for value appreciation, traders have made significant strategic capital deployments, contributing to MATIC’s price spike to $2. OKX agreement has triggered a natural growth in using the Polygon network this week. The steady increase in its trading activities has caused the price to rise by 75% in the 30 days. 

MARIC Closes On A Low, Market Capitalization Down By 6.25% 

According to data from on-analysis showing bullish indicators for the MATIC, it has regained its $0.80 price territory while experiencing continuous daily transactions. As a result of Polygon’s token migration, transactions on the Polygon network reached their highest on September 28, while the current increase in its open profit recorded $100 million. 

In a statement by OKX exchange, the company said it will become the major contributor to the Polygon CDK. The statement also reads that it (OKX) will invest major engineering resources to enhance the technology for the Ethereum scaling solutions. 

MATIC’s status as a top gainer in November indicates the growing trust of traders and investors in the platform’s long-term stability as the transaction count on the Polygon network hits new highs. However, Polygon recorded transactions worth 7,819, representing a 25% increase from the 6,229 witnessed in the previous month. 

However, Polygon trades for $0.8542 at press time, a 6.25% decline. The drop extended to its market capitalization, which closed at $7,910,592,021, a 6.25% decline in the last 24 hours. The trading value also had a 0.24% decline, having been traded for $1,036,687,542. Data from CoinMarketCap shows that the circulating supply stands at 9,260,334,978 units of MATIC. 

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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