Polygon (MATIC) Price Jumps 6% After Reddit Said Its Dabbling With the Altcoin

Polygon’s native cryptocurrency MATIC has managed to come out of the abyss after facing an 8.5% drop the day before, At press time, the Polygon (MATIC) price is up 8% trading at $0.98 with a market cap of $9.5 billion.

Reddit to Use Polygon (MATIC) for Payment

In its recent IPO filing, social media platform Reddit revealed its investments in Bitcoin and Ethereum. Reddit stated that it has been testing blockchain technology by purchasing Ether and Polygon (MATIC) for the sale of specific virtual goods.

The company clarified that the Ether and Polygon received were not significant in 2022 and 2023, but it expressed the possibility of continuing to utilize these cryptocurrencies as payment options in the future. This shows that big market players are willing to work with Ethereum Layer-2 solutions like Polygon to explore new opportunities.

Reddit mentioned that its product and engineering team possesses cryptocurrencies for particular purposes, although it did not disclose the specific types or quantities. The company also acknowledged the considerable potential it sees in blockchain-related technologies. However, Reddit expressed uncertainty regarding the continuity of business and consumer adoption in this domain.

“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain,” it noted.

MATIC Price Action Ahead

Earlier on Thursday, the MATIC price witnessed strong selling pressure after Polygon announced its last token unlock. However, this seems to be a momentary knee-jerk reaction as MATIC has quickly recovered the lost ground.

As reported, the MATIC price has managed to give a daily closing above the support of $0.96 which keeps the gates open for a staggering price rally to $1.73.

The complete circulation of the MATIC supply presents a bullish outlook for the digital asset, particularly in the long run. Inflation typically deters investors and discourages them from holding their coins, fearing an increase in token supply that could surpass demand. With the entire supply now in circulation, the MATIC price has the opportunity to explore price discovery without the looming concern of additional tokens entering the market.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.