Matic jumps 25% after strong whale accumulation, should you buy?
- Polygon introduced Polygon ID, which is powered by zero-knowledge technology.
- Polygon (MATIC)'s value saw an increase of 25% in the span of the last 24 hours.
- The cryptocurrency can grow much higher if it maintains this bullish run.
Polygon MATIC/USD is an Ethereum scaling solution specifically developed to enable developers to build different applications on top of it.
It utilizes the Polygon SDK as a means of providing a modular framework that can support a lot of different decentralized applications (dApps).
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Furthermore, by utilizing Polygon (MATIC), developers can take advantage of technologies such as rollup chains, ZK rollups, stand-alone chains, and others.
MATIC is the native cryptocurrency that can be used to secure the system and enables governance functionality.
Polygon ID Integration as a catalyst for growth
We covered how MATIC increased in utility and value after the Spritz Finance bill beta launch, which lets users pay for their bills through the usage of the cryptocurrency on June 15, 2022.
On June 22, 2022, Polygon made an announcement that they are launching the first iteration of what is known as “Polygon ID,” which is essentially a private and self-sovereign identity solution that is powered by zero-knowledge cryptography.
Polygon ID will enable a whole host of features that were inaccessible to decentralized autonomous organizations (DAOs).
With this technology, users have the ability to control the disclosure of selective identity information. Alongside that, Polygon ID also facilitates the possibility for fully private as well as verifiable reputation building.
This solution combines the Iden3 protocol and Circom ZK toolkit, which creates the most powerful application of ZK technology which is able to run through a mobile device.
The addition of Polygon ID could result in an increase in the overall utility and value of the MATIC cryptocurrency.
Should you buy Polygon (MATIC)?
On June 23, 2022, Polygon (MATIC) had a value of $0.4948.
To learn how far this token can go further up in value, we will go over its all-time high, as well as its performance throughout the previous month.
Polygon (MATIC) reached its highest value on December 27, 2021, with a value of $2.92
When we take a look at May’s performance, Polygon (MATIC) had its highest point of value on May 5 at $1.1832. Its lowest point was on May 12 at $0.5406.
What this means is that we can see a decrease in value of $0.6426 or 54%.
With its recent increase in value in mind, we can expect the MATIC token to climb its way to $0.8 by the end of June 2022 if it keeps up with this bullish run.
However, if the cryptocurrency decreases under the $0.4 price point, then it might be worth reconsidering.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:
- Etoro, trusted by over 13m users worldwide. Register here >
- Capital.com, simple, easy to use and regulated. Register here >
*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.