Polygon’s native cryptocurrency MATICmanaged to recover after experiencing an 8.5% decline the previous day. As of now, Polygon (MATIC) price is trading at $0.98, up 8%, with a market cap of $9.5 billion.
Reddit Will Use Polygon (MATIC) for Payment
Reddit disclosed its investments in Bitcoin and Ethereum in its recent IPO filing. He also stated that he is testing blockchain technology by purchasing ETH and Polygon (MATIC) for the sale of certain virtual goods.
The company announced that the ETH and Polygon received are not significant in 2022 and 2023, but in the future this cryptocurrency expressed the possibility of continuing to use its units as payment options. This shows that major market players are willing to work with Ethereum layer-2 solutions such as Polygon to explore new opportunities.
Reddit stated that its product and engineering team has cryptocurrencies for certain purposes, but did not disclose specific types or quantities. The company also acknowledged the significant potential it sees in blockchain-related technologies. However, Reddit expressed uncertainty regarding the continued business and consumer adoption in this space.
“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively new trend and it is unclear whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term.”
What Awaits MATIC Price Movement
Earlier on Thursday, MATIC price was subject to strong selling pressure after Polygon announced the latest token unlock. However, this appears to be an instant knee-jerk reaction as MATIC quickly regains lost ground.
According to reports, MATIC price managed to make a daily close above the $0.96 support, which keeps the doors open for a surprising rally in the price to $1.73.
The full circulation of MATIC supply presents a positive outlook for the digital asset, especially in the long term. Inflation often deters investors and discourages them from holding their coins due to concerns about a decrease in demand resulting from an increase in token supply. With the entire supply in circulation, the MATIC price has the opportunity to explore price discovery without concerns about additional tokens entering the market.
