While many cryptocurrencies performed well this month, Polygon’s native token seems poised to wrap up January.
MATIC has surged 19% to $1.19 over the past week, according to data from. coin gecko, raising the token profit to over 50% in January. This is because the value of Bitcoin and Ethereum have increased by nearly 44% and 38% respectively over the past 30 days.
At the time of writing, MATIC is the 10th largest cryptocurrency by market capitalization with a total value of $10.6 billion.
polygon It is a sidechain that runs in tandem with Ethereum, offering faster transactions and lower fees, and seeks to improve on its counterpart by acting as a platform for interoperable blockchains.
A pseudonymous Twitter account as the token continues to rise @lookonchain pointed out one wallet address that made significant money on MATIC.
Polygon Whale received 4 million MATIC from crypto exchange Binance in September 2020 for around $84,000 (just over 2 cents per token). Two days ago, Wallet sold his MATIC holdings in search of $5.2 million worth of his stablecoin. Etherscan.
Although the sale included more MATIC than the wallet’s initial purchase from Binance, the trader still saw a return of about 50x the original price paid at 4 million MATIC. .
However, the recent rally is nowhere near the token’s peak of $2.92 in December 2021. The token remains down nearly 60% from its all-time high. His $4 million purchase of his MATIC in 2020 was worth $11.7 million at the top price.
The MATIC price action comes as Polygon prepares to implement an upgrade that was first announced last July. Polygon co-founder Sandeep Nailwal recently tweeted that he has an official date for his zkEVM update for Polygon, which will be released soon.
Polygon’s zkEVM is a scaling solution compatible with existing Ethereum smart contracts that uses zero-knowledge proof cryptographic techniques to more efficiently validate large batches of transactions, called rollups. .
Zero-knowledge proofs are used in cryptography to prove that a statement is true without revealing what the statement was or the steps taken to establish a particular statement as true.
for polygons announced Polygon co-founder Mihailo Bjelic says he is about to launch zkEVM, an update that could put Ethereum on par with global payment processor Visa in terms of transaction processing speed. said to be sexual.
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