Why is MATIC up 20%? It might have to do with Facebook...

MATIC prices didn’t do anything spectacular when the crypto market moved higher last week. However, its prices today soared by more than 20% and broke the $1 price mark. In a previous article, we did warn about MATIC reaching $1. Why is MATIC up? What’s next for MATIC prices? Let’s analyze in this MATIC price prediction article.

What is Polygon MATIC?

Polygon is a scaling solution for the Ethereum Blockchain. Transactions become quicker and more effective. To evenly share the strain of transactions occurring on Ethereum, Polygon makes use of so-called “sidechains.” A layer 2 solution focuses on this. Ethereum devised its own scaling strategy to get around the hefty costs. The network was originally known as MATIC. At the conclusion of 2017, this was published on the Ethereum blockchain. Later, Polygon was given to the network. The native token’s name is merely MATIC.

Polygon aims to simplify the Ethereum blockchain with the second layer. The productive proof-of-stake consensus technique underlies the operation of Polygon’s sidechains. Developers may use Polygon to handle their smart contracts and dApps.

Why is MATIC price up?

For a small group of Facebook creators in the United States, Meta is testing non-fungible tokens (NFTs) with Ethereum and Polygon. The action comes after the social media juggernaut’s May NFT support for a select group of Instagram creators. Last week, Meta increased the number of artists who may exhibit their NFTs through its Instagram NFT pilot.