Polygon launched an upgraded model of its native MATIC token final week, POL. The newly migrated coin sees some tokenomics adjustments and has already flourished upon its itemizing on Binance. Following the improve and rebrand, POL surged 15% on Friday. Crypto exchange energy Binance added spot and perpetual contracts buying and selling with the token to its platforms. fueling POL.
POL jumped to almost $0.45 from round $0.38 earlier in the present day, hitting its highest value since late August. Polygon’s new token shares the identical value historical past as MATIC, solely altering its title and abbreviation. POL has outperformed many prime cash within the final 24 hours with this 15% spike, together with Bitcoin and Ethereum.
Furthermore, Polygon’s transition to POL additionally launched a brand new token emission charge of two% yearly, a lot to the elation of previously MATIC holders. Trading quantity across the token has surged 36.70% within the final 24 hours. This could come from a psychological affect of some type. The rebrand seems as a recent chart to crypto merchants for his or her technical evaluation, which might clarify Friday’s bullish value motion. The idea of “new look, but still the same,” seems to be the applying within the Polygon token’s case.
“Full MATIC-POL spot migration had already happened, but new charts are multiples more important,” crypto analyst DeFiyst famous. “First successful big token migration we’ve seen in a while, expect other projects to follow.”
Polygon POL value predictions remained bullish whilst traders dumped the asset earlier than the rebrand. The newest Binance itemizing of spot and perpetual POL contracts has filed new optimism across the token’s efficiency. According to distinguished crypto analyst Ali Martinez, the coin is forming a descending triangle sample. The analyst has requested traders to look at the $0.34 assist stage. If this assist stage holds, POL might rebound to $0.94. Hitting $0.94 from present ranges would translate to a rally of over 150%.
