MATIC Loses Its Grip On 12-Week High

You ever have one of those days where you put on your bright yellow jump suit, drive over to the jolly old stock exchange, and well…knock it out the park?

Yea, well that’s exactly what happened last week with MATIC.

The token, most associated with the Ethereum powered platform, Polygon, soared to new heights, hitting a massive 12-week high. But alas, all good things come to an end, and Monday wasn’t MATIC’s friend.

MATIC’s Highly Volatile Weekend

MATIC had an incredibly volatile weekend, with the token peaking at an all-time high of just over $2.50 USD. The pump was so powerful that the projects’ traffic on Google searches doubled, making it one of the most searched cryptocurrencies of the weekend.

Like a phoenix rising from the ashes, MATIC was arguably the shining star of the cryptocurrency universe, making Ethereum’s highly touted second layer, Polygon, a point of curiosity and investment.

MATIC, Down But Not Out

MATIC wasn’t so fortunate on Monday though. The token tanked by nearly 11% as it retreated from its 12-week high, but the decline was short-lived.

Despite the retreat, MATIC is still firmly in the green on the day, currently trading at $2.30 USD and continuing its climb to new all-time highs.

The Takeaway

MATIC’s rollercoaster of a weekend drove Bitcoin maximalists to the edge of their seats and reminded everyone else who sleeps on Ethereum, DeFi, and Polygon why it’s a point of fascination and innovation.

MATIC still packs a punch and is up nearly seven times from its price point at the beginning of 2021. Keep an eye out, who knows what could happen next.

Here are some takeaways from MATIC’s wild ride:

  • Bitcoin maximalists were speechless and probably nursing a few minor heart palpitations after witnessing MATIC’s bull run.

  • Ethereum and DeFi still have a major foothold in the crypto world. Projects on these respective chains can, and will, move markets.

  • The Power of Polygon, and the platforms’ capabilities, should be taken seriously. MATIC and its associated projects, Aave and Quickswap, have all exploded this year.