- Polygon (MATIC) price rose despite a challenging week in the crypto market.
- Binance plans to discontinue support for Polygon Network assets by 26 September 2023.
- MATIC’s trading price has risen to $0.5137 in the last 24 hours.
Information from the digital currency market monitoring site CoinMarketCap indicated that the price of Polygon
On 8 September 2023, Binance, a premier cryptocurrency exchange, announced its plan to discontinue support for assets from the Polygon Network on its NFT Marketplace by 26 September 2023. This fundamental shift led to a 10% decrease in the price of MATIC, marking its lowest value for the year 2023.
Furthermore, on-chain data gathered by CryptoQuant at the start of this month indicates that Polygon investors held around 942.06 million MATIC tokens in exchange wallets. However, as of Monday, the quantity of MATIC tokens in exchange reserves had increased by an extra 41 million, totaling 983.7 million MATIC.
Following the announcement of MATIC’s withdrawal from Binance’s NFT Marketplace, about 3.5 million new deposits were recorded between September 9 and 11, 2023. According to CryptoQuant data, the exchange reserve of MATIC is currently estimated to be approximately $980.39 million.
Thus far, most investors who moved their MATIC tokens to exchanges have chosen to retain their assets. The alternative cryptocurrency’s price has even recorded a 1.72% rise in the last 24 hours of trading.
The trading price of MATIC has risen to $0.5137, nearing its daily high of $0.5208 and distancing itself from its 24-hour low of $0.5017. In the last 24 hours, MATIC has registered a daily trading volume of $231,494,791, indicating a drop of more than 5% from the previous day.
However, it’s important to acknowledge that MATIC may still have a significant journey towards recovery, having experienced a decline of over 7% in just the previous week. With a market capitalization of $4,790,659,082, MATIC is currently the 14th largest cryptocurrency, closely trailing Polkadot
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
