Although most of the cryptocurrency market is back to diving into the sea of red, Polygon (MATIC) is recording double-digit weekly and monthly gains, along with significant growth of its network over the past several months.
As it happens, Polygon has added 42,869,034 unique addresses to its chain between June 7 and November 7, 2022, according to the data retrieved by Finbold from the Polygon network explorer PolygonScan on November 8.
In other words, the Proof-of-Stake (PoS) network was adding over 280,000 unique addresses per day on average, growing by around 30% during the period of five months, as data demonstrates.
MATIC price analysis
At the same time, Polygon’s native token MATIC has been recording major increases, with its price growing 27% on the week, adding up to the monthly gains of 40.03%, despite a 4.83% decrease over the past 24 hours. It is currently changing hands at $1.14.
As Finbold previously reported, MATIC had risen up as the biggest gainer among the top 100 digital assets by market capitalization after it gained nearly 5% in 24 hours and 30% on the weekly chart.
Despite its recent advances, the crypto community isn’t very bullish on the price of Polygon in the near future, with votes on the CoinMarketCap Price Estimate tool predicting it would trade at a median price of $0.9053 by the end of November and $0.9086 by the end of the year.
Why such growth?
Notably, the price and network size increases can be attributed to mainstream firms incorporating the chain into their operations, including Meta (NASDAQ: META) introducing a Polygon-powered tool minting and selling non-fungible tokens (NFTs) for Instagram users.
Furthermore, finance powerhouse JPMorgan (NYSE: JPM) has successfully completed its first-ever cross-border transaction using decentralized finance (DeFi) on the Polygon blockchain. Other big names using Polygon in their systems include Coca-Cola (NYSE: KO), Starbucks (NASDAQ: SBUX), DraftKings, and Reddit.
Source : Finbold