Lark Davis, a popular cryptocurrency trader, has revealed that he expects bigger gains from a layer-2 Ethereum (ETH) solution that is experiencing a big breakout year.
Davis, multi-chain scaling solution to 479,000 YouTube subscribers Polygon (MATIC) He says he will do a lot in the future as “the leading side-chain for Ethereum.”
The analyst explains that he was particularly impressed by Polygon’s recent growth:
“Of the 129 million accounts using Polygon in the last eight months, only 15% have addresses on Ethereum.
This means that 85 percent of new Polygon users are local Polygon users.”
Davis also claims that Polygon’s low-fee structure is capturing Ethereum’s market share in the non-fungible token (NFT) space.
“If you’ve ever tried to buy an NFT on Ethereum, you know how painful this can be. If you’ve ever tried to claim an NFT drop on Ethereum, you are well aware that it is a very costly process.
We’ve seen Polygon really see a significant increase in the number of NFTs sold. From July, when 50,000 Polygon-based NFTs were sold, to now… In December you can see 1.99 million NFTs were sold on Polygon on OpenSea.
This is absolutely tremendous, tremendous growth for the Polygon ecosystem.”
The trader also states that other blockchain-based projects have also migrated to the Polygon network.
“Last year we saw: The biggest DeFi [merkezi olmayan finans] Aave, one of the protocols, OpeaSea, the largest NFT market, and Sandbox, one of the largest metaverses.
All this porting over to Polygon as it provides a great user experience.”
The crypto analyst ends his MATIC analysis with a bold price prediction:
“I believe a $10 MATIC is inevitable. I believe this will happen. I believe it will happen. It will be amazing…
When I look at the network statistics, I see a seriously rising network. Users are accumulating. Money is accumulating. Developers are accumulating. Tokens will be burned.
10 bucks coming. My guess is that MATIC will be among the top 10 cryptocurrencies by the end of the year.”
The 13th largest digital asset by market capitalization took an epic run in 2021, rising from $0.03 on December 26 to an all-time high of $2.92, ending the year at just over $2.50.
Polygon is up about 13 percent on the day and is currently trading at $2.28.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.