Why MATIC (Polygon) is Worth Holding
Polygon is one of the open-source blockchain networks which supports Decentralized Applications (Dapps) like Ethereum and recently it got more attention from the project. There is a reason behind why the network is good and this transaction fee is certainly the one. We know that Ethereum is a stable and popular blockchain network but at the same time transaction fee is also an issue here. I have seen many scenarios where the transaction fee was much more than the value of the transaction and this is why small users try to stay away from the Ethereum network as it does not make sense to pay higher than the value of the overall transaction. Even I had experienced the issues with Ethereum which later was kind of given an alternative by the Binance smart chain in Defi.
Polygon is the network that is capable of running Ethereum dapps while keeping the transaction cost minimal. MATIC is the native token of the polygon network and as of now, the network ranks is 17 as per the market cap in the coinmarketcap website. Matic coin's price is trading at $0.68 with an increase of 4.83% in the last 24 hours. The Matic coin price has dropped by over 50-% in the last 30 days and we can also call it because of the Luna market crash however the project is strong and solid so it has started recovery and now we can see the price in green color. I have started my DCA on Matic coin recently and I buy a little quantity every day through automatic buy. This coin is strong enough any market crash because it has a bigger community and getting a rank of the top 20 is something that also shows that people believe in the project and its ecosystem.
Let's have a look at some stats and how this coin is treated in the market right now. If we look at the details and historical growth of the coin then we can see that its all-time high was $2.92 hence the current price is too low and surely a good time to buy and accumulate more. Its market cap is 5.4 billion USD and 24 hours trading volume is 380 $ million. If we look at the supply of the coin then it's 8 billion which is not low but surely not too high.
When we transact on its network then MATIC coin is used as a fee like we do on Ethereum and Binance smart chain so this use case is good and will certainly create more demand for the token in the future. I believe that the project should burn some tokens to reduce the supply and this way they can add more value to the token economy.
As of now Polygon network is a preferred choice for many projects and is been used as an alternative to the Ethereum network so it's expected that this will grow more and when more projects will be launched on this then surely this will increase the price in the future. I believe in this coin and this is why I started my DCA on the coin. I may be late to start but it's better late than never and hopefully this will help me have better returns on my investment and I believe it's good to hold for the long term.
Thank you so much Stay Safe
Posted Using LeoFinance Beta
