Is Polygon (MATIC) Worth Investing In 2023?

Crypto investors may go with the Polygon (MATIC) in 2023.
Share Everywhere!

Cryptocurrencies are the next big thing in the world because of their dominance over traditional financial systems. The primary benefit of cryptocurrencies is that they are decentralized, giving the user complete control over the data and transactions. The transaction is peer-to-peer, where there is no centralized system.

Due to the promising demand for blockchain-based currencies around the globe, digital currencies have been serving as assets like gold and silver, and as a result, their values have upscaled.

If there were only a limited number of digital assets, it would have been easy to find out the best one to invest in; but the fact is there are hundreds of potentially investable cryptocurrencies, making it difficult for ordinary people to find the best.

ALSO READ:

Steps to be eligible for a potential Polygon airdrop

Also, read our guide on claiming a potential Polygon airdrop.

Whether you are a beginner in the crypto realm or a little mature one, we have guided you through a highly potential cryptocurrency, called Polygon (MATIC).

Polygon (MATIC) can be a good investment in 2023. Continue reading to learn more about MATIC and whether you should invest in it or not.


Polygon (MATIC): Overview

CryptocurrencyPolygon
Token (symbol)MATIC
Price $0.88
24h change -2.64%
FD Market Cap $8,835,143,963.96
Circulating supply9,996,901,793 MATIC
All time high$2.923235
All-time low$0.00314376
Current statistics of Polygon (MATIC)

What is Polygon (MATIC)?

Polygon, previously known as MATIC Network, is a blockchain network based on blockchain technology. MATIC Network was launched in 2017 by India-based developers Anurag Arjun, Jaynti Kanani, Mihailo Bjelic, and Sandeep Nailwa. Polygon is built to provide adaptability and scalability on blockchain networks.

Polygon has been a prominent player in the blockchain ecosystem. The main purpose of Polygon is to scale Ethereum with security and provide a better developer experience on Web 3.0.

Polygon uses PoS (proof-of-stake) technology that is most utilized for its speed, scalability, flexibility, and cost, helping Ethereum solve its primary problem. Polygon PoS transaction speeds are up to 7,000 tx/s, which is exponentially faster than Ethereum, which is at 15 tx/s.

MATIC is Polygon’s token, which has a current supply of 9,996,901,793 MATIC, and a maximum supply of 10 billion MATIC.


How much is Polygon (MATIC) worth?

For obvious reasons, knowing how much an asset is worth before investing in it is necessary. That is why this section is crucial for you if you are interested in Polygon’s MATIC.

Polygon (MATIC) Apr – May 2023 graph | Image via Coinmarketcap

Currently, the value of a Polygon (MATIC) is $0.88, with a 24-hour change of -2.64%. It has a fully diluted market cap of $8,835,143,963.96.

As per Yahoo Finance, the MATIC token was launched at a price of $0.004521 per token on April 28, 2019.

The MATIC token was at its all-time high on December 27, 2021, standing at about $2.923235, and at its all-time low on May 10, 2019, standing at about $0.00314376.


The scenario of Polygon (MATIC) in 2022 and before

Before we begin analysis of this year, 2023, it is important to look back to understand the MATIC performance better.

Polygon (MATIC) was slightly in the limelight when the MATIC token reached an all-time high ($2.92) at the end of 2021.

In early 2021, there was a significant increase in the trend of NFT on Web 3.0. Everyone was talking about NFT and its supremacy, but there was a significant issue with NFT transactions. As Ethereum was the platform for NFT transactions, the processing time was outrageous, and the gas fees were exorbitant.

Essentially, Ethereum met with a blockchain trilemma, which means that because more data is decentralized and secure, it is difficult to process quickly and affordably. This limited the amount and size of transactions on Web 3.0, causing concerns with the system’s security and efficiency.

NFT transactions being highly secure data processing, the time consumption and gas fees were high, which was indirectly affecting our environment by releasing more carbon dioxide into the environment.

At that time, Polygon (MATIC) came up with 8-technology to partner with Ethereum to enhance their speed, scalability, flexibility, and cost. NFT transactions were shared on a Polygon blockchain network, making the transaction faster and cheaper. Polygon even came up with a manifesto called (The Green Manifesto) as their motive was to go carbon negative.

Over time, Polygon also partnered with Earn Alliance to speed up the adoption of blockchain gaming and NFT companies so they could bring huge traffic to Web 3.0. People were surprised by their business development team as they were partnering with many big Web 2.0 companies like Nike, Meta, Amazon, Reddit, Robinhood, Opera, etc.

Polygon and Meta partnership
Polygon and Meta partnership (Image via @PolyPortalHQ/Twitter)

Pulling off integration for NFT with Instagram and Reddit made Polygon stand out. Donald Trump also launched a series of digital art NFTs minted on the Polygon network for public sale on December 15, 2022, for US$ 99 each.

These events and statistics truly reflect the solid potential of this environment-friendly initiative.


Is Polygon (MATIC) a good investment in 2023?

Polygon (MATIC) is considered a good investment in 2023 for its lead technology to help scale blockchain networks in the overall Web 3.0. As Ethereum is the biggest blockchain network in the world, MATIC being part of Ethereum to support its execution will gain an immense amount of support.

Quite a few of Polygon MATIC’s projects have delivered and performed admirably in Web 3.0, and the remaining ones are currently being developed to address significant Web 3.0 issues.

Polygon has performed a lot better than many other cryptocurrencies during the bear market. As other cryptocurrencies saw continuously decreasing their values, Polygon (MATIC) has managed to retain a few support levels and has started rising as well.

Polygon (MATIC) in bear market
Polygon has been able to survive the bear market (Image via Messari.io)

The key for Polygon (MATIC) to retain its value in the bear market was its partnership with popular companies like Coca-Cola, Meta, eBay, Amazon, etc. for the popularization of layer-2 scaling solutions.

Polygon zkEVM, another big project after Polygon (PoS), is currently on the mainnet in the Beta phase with significantly fewer gas fees, increased TPS, and the use of Ethereum dApps.

This technology is said to present and publicly record the validity and correctness of the rolled transfers processed on the Ethereum blockchain to maintain its high security and scalability. With this new technology, early dApps and existing Ethereum smart contracts can be seamlessly moved into the Polygon blockchain network.

Overall, by looking at these steps of the Polygon (MATIC), we can be positive about its growth in the future and hence also consider investing while thinking about a long-term investment to gain significant profits.

That said, it should also be noted that the Polygon (MATIC) chart of the last three months (as of writing) is red. So, understanding the long-term visions of Polygon is advised.


How much should you invest in Polygon (MATIC)?

We must understand that there is no particular amount to be invested in the crypto market. Everyone has a different saving status and risk-bearing capability. Cryptocurrencies are still a volatile and high-risk investment market.

One should not think about making short-term investments. For long-term investment, investors must think wisely and make their own decisions by studying the technology and objectives provided by Web 3.0 initiatives like Polygon.

Polygon’s aims are pretty promising. MATIC will undoubtedly increase in the future because Polygon is an important component of Ethereum and is focused more on NFT transactions, which is another significant step forward for the future of Web 3.0.


What do experts say about Polygon (MATIC)?

Billionaire investor Mark Cuban also invested in the Ethereum layer-2 scaling solution from Polygon (MATIC) in May 2021. He also stated that “aside from Bitcoin and Ethereum, the polygon network is destroying everybody else.”

Mark Cuban at the DeFi Summit Conference

As per Tubefilter, Ryan Wyatt, also known as the head of YouTube Gaming, left his post at the Google-owned tech company to become the CEO of Polygon Studios to scale gaming and NFT on Web 3.0 with the Polygon (MATIC) blockchain network. He also stated that “I’ll be leading the Polygon Studios organization across gaming, entertainment, fashion, news, sports, and more.”


Where to buy Polygon (MATIC)?

MATIC has been popular among many crypto exchanges. The top exchanges where you can buy, sell, and trade MATIC currently are:


Should you invest in Polygon (MATIC): Conclusion

Polygon (MATIC) has massive scope for building an efficient and secure blockchain network as a layer-2 solution for Ethereum. The developers are constantly announcing partnerships with Web 2.0 giants.

Up until now, the company has been able to build a good reputation in the crypto market. Among their 8-technology to help Ethereum scale to a billion users on Web 3.0, the remaining technology, which is under development, also promises to contribute to the betterment of the ecosystem of the crypto space.

Hence, Polygon (MATIC) can be a good long-term investment as they have been fulfilling their promises.

[convertful id=”201872″]

Having stated that, we must also be mindful of the current circumstance. MATIC has been trending downward during the past three months (as of May 2023). This suggests that if you want to profit from an investment in MATIC quickly, now may not be the greatest moment to do so.

We can see the future of Polygon (MATIC) as the biggest part of the blockchain network in Web 3.0. The token has also been able to manage and retain a few support levels in the bear market, which clearly shows that Polygon (MATIC) can be the next good investment.

Disclaimer: The crypto markets are highly volatile, and individuals must do their own deep research before investing in any asset. Also, they must be aware of the risks and consequences of bad investments. This article is based solely on the personal opinion of the author and should never be taken as investment advice.

Share Everywhere!
Nima Tamang
Nima Tamang

Nima Tamang is a cryptocurrency and blockchain analyst with a keen interest in exploring the intersection of traditional finance and emerging technologies. As a regular contributor to Moneybinds.com, Nima shares insights and analysis on the latest developments in the crypto, blockchain, and NFT space, helping readers stay informed and make informed investment decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *