Polygons native token, MATIC, has risen by more than 35% within the past 7 days mainly because of 3 distinct reasons. As of the time of this writing, MATIC is trading at $1.81, which is a 5% decrease since yesterday.
In related news, Polygon had managed to outperform nearly all of the major cryptocurrencies with the exception of Uniswap.
The 3 reasons
The main reasons that we need to look at are the general hype surrounding Polygon, the announcement pertaining to Google BigQuery, and lastly the involvement by billionaire Mark Cuban.
It had been on the 9th of February that Matic had announced its initial plans of rebranding itself into what would become known as Polygon. Around this time, metaverse projects which were considered to have potential were brought in and the Matic Plasma Chain had also been successfully integrated. Also, through the implementation of Plasma Chains, it was thus viable for Polygon to be able to present the layer one blockchain network inclusive of various pre-installed scaling solutions to be used for various projects. Polygon has hence been doing well ever since and the number of news users has also skyrocketed as of late.
Next, it had been announced earlier today that Polygon assets have now been integrated with Google Cloud’s BigQuery. The news of this integration is of the utmost importance as it signifies the point where users will now be able to access Polygon through BigQuery with relative ease. Also, as Polygon is already a part of BigQuery’s 1TB offering, this also means that many of the users will be allowed to run various queries on Polygon’s blockchain network for the purposes of accessing different data sets related to blockchain as well.
Lastly, Mark Cuban had invested into Polygon less than a week ago on the 25th of May 2021. The billionaire had stated that possessing a high TPS (transactions per second) output is absolutely crucial if one desires to have the usage cost be lowered for the relevant users. He also went on to highlight the numerous projects that are already being worked upon by Polygon.
Polygon becoming popular
Various analysts and experts are all saying that there is a growing sense of general optimism for Polygon and that we can expect big things from it in the foreseeable future.
To that end, many are actively looking for ways to invest in MATIC, which as of this time is the 15th highest ranked cryptocurrency in terms of market capitalization.