Polygon (MATIC) has been making news recently after a lead developer at Shiba Inu (SHIB) highlighted the vital role that Polygon’s developers played in the successful relaunch of Shibarium over the past 48 hours. Adding to this bullish sentiment surrounding the Layer 2 project, the founder of Polygon shared a positive update regarding POL, the next-generation protocol token that holds the promise of becoming a pivotal tool for the coordination and expansion of the Polygon ecosystem.
With the series of positive developments, the price of MATIC was able to break above $0.55 to start the week on a positive note. Subsequently, technical indicators suggest that MATIC could soar to above $1 in the coming few weeks.
Polygon Team Plays a Critical Role in Shibarium Relaunch
Shibarium, the flagship project of Shiba Inu, faced a temporary setback during its initial attempt to launch. This setback, however, was met with swift and unyielding support from the Polygon (MATIC) team, resulting in a story of resilience, collaboration, and redemption that has garnered attention across the blockchain ecosystem.
The lead developer of Shiba Inu, known by the community as Shytoshi Kusama, took to various platforms to express his gratitude for the timely assistance that was provided by the Polygon team. The top member of the Shiba Inu developer team, Kaal Dhairya, used his Twitter account as a platform to extend his personal thanks to key members of the Polygon team, particularly Sandeep Nailwal and Jaynti Kanani, who co-founded Polygon. Dhairya also singled out krishna.polygon, a core protocol team member of Polygon, for their significant contribution.
In a heartwarming tweet, Dhairya proclaimed, "This friendSHIB is forever," encapsulating the camaraderie that exists between development teams within the blockchain space. The acknowledgment of support extended beyond a mere display of gratitude; it underscored the ethos of collaboration that underpins advancements in blockchain technology.
The relaunch of Shibarium's mainnet was announced with enthusiasm, coupled with a plea for users to "handle it with love and care." Dhairya likened the newly relaunched Shibarium to a "newborn baby" who had been enthusiastically welcomed by a multitude of excited family members. The sentiment reflects the attachment that developers have towards their creations and the emotional investment that comes with every project's success.
Shytoshi Kusama's blog post shed further light on the behind-the-scenes actions that led to Shibarium's revival. Kusama highlighted a crucial moment during the initial launch when the Layer 2 solution faced a surge in traffic, resulting in a temporary collapse. At this pivotal juncture, Kusama reached out to Polygon's co-founder Sandeep Nailwal for assistance. The response was both swift and decisive, as Sandeep and the Polygon team allocated additional resources to ensure the seamless operation of Shibarium.
The decision to forge Shibarium off Polygon was vindicated as the project rebounded and thrived. Kusama's gratitude extended beyond the Polygon team to members of the Unification Fund team, Shiba Inu's own development team, and other contributors whose roles were instrumental in the successful relaunch.
At press time, Shibarium boasted an impressive record of more than 350,000 transactions and over 65,000 connected wallets. The platform has become a playground for a diverse array of tokens, some of which push the boundaries of creativity and may even raise eyebrows. It is within this realm of innovation that the spirit of collaboration and camaraderie continues to flourish, allowing developers to explore new possibilities and redefine the boundaries of what blockchain technology can achieve.
The saga of Shibarium's relaunch stands as a testament to the resilience of development teams and the power of collaboration. In an industry that is no stranger to challenges, it is heartening to witness the unity that emerges when projects face adversity. The unwavering support extended by the Polygon team not only rescued a project but also showcased the spirit of community that defines the blockchain landscape. With each successful relaunch and every new milestone achieved, the legacy of Shibarium's redemption story will serve as a source of inspiration for developers, enthusiasts, and stakeholders alike.
A Recent Development Could Propel MATIC to Above $1
As the cryptocurrency market navigates through a challenging period following the August sell-off, Polygon (MATIC) has emerged as one of the standout performers, showcasing subtle gains amidst a potentially tumultuous second week. With a 2% surge on Monday, the MATIC price was able to rise above $0.55, drawing the attention of investors who are eyeing short-term positions, fueled in part by a groundbreaking announcement from Sandeep Nailwal, the visionary founder of the Polygon project.
In a move that signifies a significant step forward for Polygon, Nailwal introduced "POL," the next-generation protocol token that holds the promise of becoming a pivotal tool for the coordination and expansion of the Polygon ecosystem. This token is envisioned to be the driving force behind the realization of the Value Layer for the Internet, a strategic move that outlines the project's grand vision.
Explaining the role of POL, the Polygon team highlighted its function in enabling users to partake in "multi-chain staking" while mitigating the inherent risks associated with restaking. This novel approach, presented under the Polygon 2.0 proposal, expands the Polygon Ecosystem from a single chain to an interconnected web of Layer 2 solutions that foster seamless interoperability and shared liquidity among them.
At its core, POL redefines the concept of restaking by eliminating dependence on third-party intermediaries, thus minimizing potential vectors of centralization. Designed from the ground up, the token is built upon a third-generation standard, epitomizing the project's commitment to innovation and progress.
The renewed vigor in MATIC's price performance signals its determination to regain ground lost in the aftermath of the July highs at $0.902, which plummeted to the current support level of $0.525 due to the broader market downturn. As traders analyze the landscape, the Moving Average Convergence Divergence (MACD) indicator looms as a potential buy signal, poised to trigger a trend reversal.
Daily chart for MATIC/USDT (Source: TradingView)
In a strategic move, traders are monitoring the MACD line's potential crossover below the signal line, an indicator that coincides with the upward momentum's ascent towards the mean line and potentially into the positive territory. This combination of factors hints at a substantial trend reversal, inviting traders to consider long positions in anticipation of the price surge.
For those considering entry, prudence dictates waiting for MATIC's price to validate its support at $0.55. As traders set their sights on profit targets, the first milestone resides at $0.65, aligned with the 50-day Exponential Moving Average (EMA) in red.
However, the true watershed moment could manifest as the breaking of the multi-month descending trendline, an event that could mark the inception of a robust uptrend. Such a breakthrough would likely be accompanied by a surge in trading volume and a sharp ascent, potentially targeting the 61.8% Fibonacci retracement level, calculated from the support at $0.516 in June to the peak at $1.2.
Amid the backdrop of an uncertain market environment and looming signals of the US Federal Reserve's interest rate hikes, Polygon's POL token release takes center stage as a potential catalyst. While still in development, the launch of POL could provide the impetus needed to propel the market upwards, offering a buffer against continued weakness or stagnation. As the cryptocurrency community keeps an eye on the unfolding narrative, the release of POL holds the potential to invigorate Polygon's journey and redefine its position within the evolving blockchain landscape.
Price Overview
The past 24 hours have seen the price of MATIC slip by a slight margin of 0.42%, according to data from CoinStats. In addition to weakening against the Dollar, MATIC was also outperformed by 0.41% by the market leader Bitcoin (BTC) during the past day of trading. As a result of the latest price movement, the cryptocurrency was changing hands at $0.553825 and 0.00002131 BTC.
Price chart for MATIC (Source: CoinStats)
Despite this fresh decline, MATIC’s weekly performance remained confidently in the green zone at +2.41%. This positive weekly performance may be an indication of a bullish change in MATIC’s medium-term trend. Nonetheless, the altcoin still needed to overcome the 23% loss it incurred throughout the past 30 days.
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
