Will MATIC Reach $10,000?
Will MATIC Reach $10,000: Matic’s price is going up for the last few months. But, can it grow up to $10,000? Continue reading to find out.
MATIC Past Performance
- Last 7 days: +1.5%
- Last 1 month: -3.6%
- Last 6 months: +36.2%
- Last 1 year: -23.9%
Will MATIC Reach $10,000? MATIC Overview:
Polygon is a Layer 2 scaling solution for Ethereum that aims to address some of the major issues facing the Ethereum network, such as high fees and slow transaction times.
The native token of the Polygon network is called MATIC. The following are the primary use cases of MATIC:
- MATIC can be used to pay for transaction fees on the Polygon network.
- MATIC can be staked to secure the Polygon network and earn rewards in the form of additional tokens.
- MATIC holders can participate in governance decisions on the Polygon network.
- The tokens can be used to provide liquidity on decentralized exchanges (DEXs) such as Quickswap.
- MATIC tokens can be used to bridge assets between different blockchains.
- The Polygon network is increasingly being used as a platform for blockchain-based games, and MATIC can be used as an in-game currency or for other gaming-related transactions.
Will MATIC Reach $10,000? Competitor Analysis:
The top Layer 2 blockchains include:
- Optimism (+168.3%*)
- Arbitrum (+140.4%**)
- Loopring (+23.5%*)
- Skale Network (+5.7%*)
- Celer Network (+40.6%*)
*six months performance data and **one month performance data
Will MATIC Reach $10,000? The Conclusion:
Here are the key points from above analysis:
- MATIC’s price is showing a positive growth since the last six months.
- MATIC token has a huge utility in various areas including gaming, staking, governance etc.
- The overall trend is bullish and hence, MATIC’s price is likely to increase in the future.
- Though Polygon has many competitors in the market, it has managed to be one of the top L2 blockchains.
Furthermore, MATIC needs to grow by around 9,009 times of its current market value to reach a price level of $10,000.
Also, MATIC reached its all-time high price of $2.9 in December 2021 where it grew by roughly 3.22 times in five months. Thus, considering its 0.64 times growth in one month, we can say that MATIC will require nearly 14,076 months (more than 1,173 years) to reach $10,000.
Therefore, despite all the positive factors, it is highly unlikely for MATIC to reach a price point of $10,000 in the coming future.
Also Read: Polygon Price Prediction
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.