As a seasoned researcher with over two decades of experience in the ever-evolving world of blockchain technology and digital currencies, I have witnessed countless token migrations and listings, each with its unique dynamics and implications. The recent migration of Polygon’s native token from MATIC to POL is no exception, and it offers an intriguing case study for us all.
More recently, Polygon Network experienced a technical transformation aimed at shifting their native token from MATIC to POL. Post the migration, the value of the new token struggled to build momentum and couldn’t surpass the $0.39 resistance point. Nevertheless, the listing of POL on Binance has caused its price to surge beyond significant thresholds.
Binance Completes Polygon Token Migration
On Friday morning, the worldwide cryptocurrency exchange Binance finished moving the tokens from MATIC to POL. Earlier, they announced their support for Polygon’s token swap by stopping all MATIC trading pairs and disabling deposits and withdrawals on September 10th.
On the 13th of September at 10:00 (UTC), I learned that my preferred crypto platform was introducing Polygon (POL) spot trading pairs. These new pairs will allow me to trade POL against Binance Coin (BNB), Brazilian Real (BRL), Bitcoin (BTC), Ethereum (ETH), Euro (EUR), Fiat US Dollar (FDUSD), Japanese Yen (JPY), Turkish Lira (TRY), USD Coin (USDC), and Tether (USDT). I’m excited about the expanded trading opportunities this brings!
On September 4, Polygon’s token migration signified a significant turning point in its network, targeting to boost functionality and align with its goal as a unified network of blockchains. This upgrade aims to refine the platform’s token economics, making it more enticing for users and validators, thereby enhancing its appeal.
Furthermore, the POL token functions as a “super-efficient token,” serving both as the native gas and staking currency on Polygon. It plays a crucial role in driving its “further development and stability as a unified network” by supporting its growth and security.
Following the delisting of MATIC, Binance declared the successful execution of the token swap and planned to list Polygon’s newly minted token on Friday. Additionally, the worldwide exchange revealed that POL would be incorporated into Binance Simple Earn, “Buy Crypto” platform, and Binance Convert.
As a Polygon (POL) investor, I’m thrilled to learn that Binance is extending its Margin and Futures services to us starting from September 13. Moreover, the much-anticipated Binance Auto-Invest feature will be accessible for all of us from September 16 at 10:00 (UTC). Let’s gear up for these exciting new opportunities!
POL Price’s Parabolic Surge
After being added to Binance, Polygon’s new token experienced a significant spike in value. Prior to this event, POL had been fluctuating around the $0.38 to $0.35 price range since September 3, approaching its record low (bottom-most point) of $0.345 from a month earlier.
In spite of the recent Polygon update, the token found it challenging to surpass the $0.39 barrier, causing concern among investors and market observers. Yet, there was a noticeable increase of 17.3% in POL on Friday, marking the first time in ten days that it exceeded the $0.4 mark.
The token experienced a significant surge in daily usage, which appears to have been driven by its listing. On Friday morning, POL reached a daily trading volume of approximately $135 million, representing a staggering 700% increase over the past day. Moreover, the market capitalization of POL skyrocketed by 17%, reaching an impressive $3.16 billion.
Some observers have acknowledged Polygon’s strong showing and commended its recent upgrade. DeFyist, a DeFi analyst, deemed this to be “the first significant token transition in quite some time that has been successful.
As a researcher, I found that the recent upgrade underscored the significance of incorporating “new charts” into our analysis, even after the spot migration had taken place. This is because the token in question experienced an uptick on the fresh perpetual listing, demonstrating that these new charts offer valuable insights into market behavior and trends.
To another analyst using a pen name, the situation served as evidence that a “fresh perspective” is crucial. In Cilinix’s view, if the token manages to retake the $0.44 resistance point, it might trigger a positive price surge.
As of this writing, POL is trading at $0.433, a 16.6% surge in the last 24 hours.
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2024-09-14 08:46