Polygon MATIC/USD is a layer-2 scaling solution that runs alongside the Ethereum blockchain and is intended to enable fast transactions as well as low fees.
The native cryptocurrency token that powers the Polygon network is known as MATIC, and it is a token used for fees, staking, and other purposes.
The $450 million raise as a catalyst for growthOn February 4, we covered Polygon’s historic partnership with the NFL, where each visitor of the Super Bowl LVI will get a free NFT to commemorate their experience.
Polygon announced that they raised $450 million on Monday, February 7, in a fundraising round which was led by Sequoia Capital India, with participation from more than 40 capital firms.
This money will allow the Polygon team to help scale Ethereum and bolster the mass adoption of all Web3 applications.
Other participants within this $450 million funding round were Galaxy Digital, Galaxy Interactive, Softbank Vision Fund 2, Tiger Global, and Republic Capital.
This fundraise marks the first major Polygon funding round since 2017, and the project’s native cryptocurrency token, MATIC, is currently the 15th largest token in terms of market capitalization.
This fundraise will likely contribute towards the further growth of the MATIC token.
Should you buy Polygon (MATIC)?On February 8, 2022, Polygon (MATIC) had a value of $1.91.
To get a better perspective as to what kind of value point this actually is for the MATIC cryptocurrency token, we will be going over the all-time high value as well as the performance throughout the previous month.
When we go over the all-time high value, Polygon (MATIC) was worth $2.92 on December 27, 2021. This means that the token, at its ATH, was $1.01 higher in value or by 53%.
Taking last month’s performance into consideration, Polygon (MATIC) saw its highest point of value on January 1, 2022, when it had a value of $2.58.
The lowest value point of the token, however, was on January 24, when it decreased to a value of $1.32. This gives us an indication that from January 1 to January 24, the token saw a decrease in value of $1.26 or by 48%.
However, from the span of January 24 to February 8, the token increased in value by $0.59 or by 44%.
With that in mind, the MATIC token can reach $2.5 by the end of March 2022, making it a solid buy.
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