MATIC hits a weekly high of $ 2.61 and is only 5.24% off ATH. removed

According to CoinMarketCap data, MATIC is currently trading at $ 2.57, up 60.4% so far in December. MATIC appears to be benefiting from its entry into the NFT and the introduction of a token burn mechanism.

Polygon’s native asset is on its way back to all-time highs after hovering at $ 2 on December 20th. The token hit a record high of $ 2.82 in October.

MATIC price promotion

MATIC price has seen a breakout in the past 24 hours, up about 12% on a trading volume of around $ 3 billion. The token is trading at $ 2.57 at press time, building the momentum for an ATH breakout as it regains some support above the $ 2 mark.

Today MATIC hit a two-week high of $ 2.61. The Relative Strength Index (RSI) shows upward momentum above the 70 level.

This altcoin currently has a live market cap of $ 18.07 billion and is currently number 14 on CoinMarketCap.

Source: TradingView

Reason for the increase

MG Motor India, the maker of the Hector and Gloster SUVs, recently announced the launch of the NFT collection on the Polygon network. It plans to sell 1,111 NFTs, including GIFs and stills.

On December 14th, Polygon deployed Ethereum’s EIP-1599 update on the Mumbai testnet to introduce a native MATIC token burn mechanism to provide better transaction fees.

Polygon aims to offer developers Ethereum scaling solutions that will enable them to build Web3 applications. The ongoing discussions around Web3 appear to be in MATIC’s favor, particularly the offensive language of billionaire Elon Musk and the founder of Dogecoin.

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