MATIC rallied to the highest since May after Meta announced a toolkit allowing Instagram users to mint and sell 0xPolygon-powered non-fungible tokens. reports godbole17
has rallied 30% in two days, reaching a six-month high of $1.15 on Friday, according to CoinDesk data. The climb has lifted the cryptocurrency's cumulative gain since the end of June to 270%.
"Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram,"On the same day, investment banking giant JPMorgan successfullyMATIC's rally since then suggests that despite lingering concerns about the global economy, investors are ready to snap up coins with positive fundamental developments that promise increased use cases.
"Polygon's MATIC could be a core long position here as Meta is serious about luring TikTok influencers away and becoming more active on its Instagram platform," Thielen said."Pledging to take zero commission on sales – contrary to Apple's 30% cut on all NFT sales on the App store – is a key selling point."
"The Meta announcement has brought attention to MATIC and Arweave, and traders seem to be pairing long positions in these coins with short [sell] positions in perpetual futures tied to bitcoin," said Matthew Dibb, COO and co-founder of Stack Funds.
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