On November 3, the trading price of Polygon (MATIC) underwent a significant push. The data suggest that MATIC was among the top performers in the November 3 trading session.
Announcement by Instagram
Many analysts are attributing the strong push in MATIC’s price to the latest announcements made by Instagram and JPMorgan.
In recent months, Polygon has proven to be the center of attention for many institutional firms. It has been forming many significant and high-status partnerships that are growing its reputation.
Just recently, the parent company of Instagram, Meta, made an announcement that was a piece of great news for the entire Polygon community.
Meta announced that it had formed a partnership with Polygon for the creation of non-fungible token (NFT) tools. Instagram’s parent company announced that Polygon would be acting as their initial partner.
With the help of the new NFT tools, both companies would aim to offer users with access to selling, showcasing, and even minting their digital collectibles.
The best thing about their NFT tools would be that the users will not be bound to perform these actions only on the social medial platform. They would be able to perform the same actions on the social media platform.
Announcement by JPMorgan
Meta is not the only major mainstream company that has formed a partnership with Polygon. Even JPMorgan has made a major announcement that is quite favorable for Polygon.
JPMorgan has announced that it has recently carried out its first live trade. The trade was worth around $71k and it was performed using the Polygon blockchain.
This is a major step JPMorgan has taken toward its exploration of the cryptocurrency industry. JPMorgan has shown great interest in the adoption of cryptocurrencies and now, it is fulfilling its ultimate goal.
The financial investment giant has been eager to bring the traditional financial and cryptocurrency frameworks together to form a highly advanced ecosystem.
MATIC’s Price Action
Just as the announcements were made, the trading price of MATIC ended up experiencing a significant push. MATIC is the utility token on the Polygon blockchain ecosystem and it is also used as a staking token.
Following the announcements, the trading price of MATIC experienced a significant push. The trading price of MATIC rose by 13% and following the surge, its value moved up to $0.985.
The trading volume for the native token MATIC has also experienced an uptick and it is also growing with every passing day.
MATIC was not the only asset that recorded a significant push but almost all major assets rebounded. Although the rebound has been in play since mid-June, it has managed to gain momentum in recent days.
Since June, the trading price of MATIC has recorded an almost 200% rebound. The analysts expect that MATIC would eventually rebound by 200% in the upcoming days.