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 trade 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 at this time, hitting its highest worth since late August. Polygon’s new token shares the identical worth historical past as MATIC, solely altering its title and abbreviation. POL has outperformed many high cash within the final 24 hours with this 15% spike, together with Bitcoin and Ethereum.
Moreover, Polygon’s transition to POL additionally launched a brand new token emission fee of two% yearly, a lot to the elation of previously MATIC holders. Buying and selling quantity across the token has surged 36.70% within the final 24 hours. This will likely 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 worth motion. The idea of “new look, however nonetheless the identical,” seems to be the appliance within the Polygon token’s case.
“Full MATIC-POL spot migration had already occurred, however new charts are multiples extra necessary,” crypto analyst DeFiyst famous. “First profitable massive token migration we’ve seen shortly, anticipate different tasks to observe.”
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Polygon POL worth predictions remained bullish whilst traders dumped the asset earlier than the rebrand. The most recent Binance itemizing of spot and perpetual POL contracts has filed new optimism across the token’s efficiency. In line with outstanding crypto analyst Ali Martinez, the coin is forming a descending triangle sample. The analyst has requested traders to observe the $0.34 help stage. If this help stage holds, POL might rebound to $0.94. Hitting $0.94 from present ranges would translate to a rally of over 150%.