Robinhood Integration News boosts Polygons MATIC by 10%
The integration of Robinhood and Meta has led to a 10% increase in Polygon’s stock price over the past week.
Over the past week, Polygon (MATIC) has had the most amount of growth among the top 20 largest cryptocurrencies measured by market value.
Over the past week, the price of MATIC, which is the token that drives the Ethereum scaling network Polygon, has increased by 10.5%.
According to the data provided by CoinMarketCap, the price of MATIC on exchanges is currently around $0.8941, representing a rise of 7.3% over the course of the previous twenty-four-hour period.
According to statistics provided by Coinglass, short positions in MATIC worth a total of $7.4 million have indeed been liquidated over the course of the past week. During the same time period, long positions with a total value of $5.1 million were closed out.
The blown-out short transactions are represented by the red bars. Coinglass is the origin.
According to the statistics provided by CoinMarketCap, after a strong performance over the past week, MATIC’s price has dropped by 69.45% from its all-time high of $2.92, which was reached in December 2021.
A bullish week has been pushing MATIC
The good price action seen by Polygon recently coincides with a number of notable brand collaborations.
Recently, for example, trading service Robinhood revealed its Polygon connection. Robinhood customers can now withdraw and deposit MATIC on the Polygon network.
According to the announcement made by the company, support for a greater number of assets is on the way.
“Hey! In addition to the Ethereum network, you may now send and receive MATIC on the Polygon network as well, according to a tweet published by Robinhood. Support for additional coins on additional networks will be available very shortly.
OpenSea, the industry’s largest NFT platform by trading volume, has introduced support for Polygon too. The integration will allow customers to pay using MATIC in addition to lowering the costs associated with minting and listing.
Finally, Mark Zuckerberg’s company, Meta, has released a new function that allows users to cross-post content from Facebook to Instagram by utilizing NFTs based on polygons. The business states that “interoperability in the metaverse” is one of the key motivators for the development of the new functionality.