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Polygon Jumps 10% Over The Week Amid Robinhood, Meta Integrations

The token powering the popular Ethereum scaler Polygon rose double-digits this week amid adoption from Robinhood and Meta.

2 min read
Polygon is a layer 2 scaling solution for Ethereum. Image: Shutterstock

Polygon (MATIC) is leading gains among the top 20 largest cryptocurrencies by market capitalization over the past week.

MATIC, the coin powering the Ethereum scaling network Polygon, has jumped 10.5% over the past week. 

As of this writing, MATIC trades at around $0.8941, up 7.3% over the past 24 hours, per data from CoinMarketCap

MATIC short trades worth $7.4 million have been liquidated over the past week, too, per data from Coinglass. Long positions worth $5.1 million were liquidated over the same period.

Red bars represent blown-out short trades. Source: Coinglass.

Despite a robust weekly performance, MATIC is down 69.45% from its all-time highs of $2.92 recorded in December 2021, suggests data from CoinMarketCap

Bullish week pushes Polygon

Polygon’s positive price action comes amid a handful of prominent brand integrations. 

Yesterday, for example, trading app Robinhood announced its Polygon integration. Robinhood users can now deposit and withdraw MATIC on the Polygon network. 

Support for more assets will be added soon, per the company’s announcement.

Hey! You can now send and receive MATIC on the Polygon network in addition to the Ethereum network,tweeted Robinhood. “Support for more cryptocurrencies on more networks coming soon.”

OpenSea, the industry’s largest NFT marketplace by trading volume, has added support for Polygon too. Alongside lower minting and listing costs, the integration will let users pay with MATIC. 

Finally, Mark Zuckerberg’s Meta has launched a new cross-posting feature between Facebook and Instagram using Polygon-based NFTs. According to the company, “interoperability in the metaverse” is a primary motivator for the new feature.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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