Polygon (MATIC) gained more than16% in today's session, reaching its highest level since August.
The primary reason behind the price increase is that Instagram will use the Polygon network to mint NFTs.
Secondly, JP Morgan successfully executes a trade on the polygon blockchain.
And this time it's Polygon's native cryptocurrency MATIC. In the last 24 hours, the MATIC price has risen by 15% surpassing the $1 level.
At the time of writing, MATIC is trading at $1.1 with a market valuation of $9.4 billion. The most recent price increase in MATIC is the result of whale transactions hitting an eight-month high. Yesterday, November 3, saw the highest number of single-day transactions exceeding $100,000.
An on-chain data provider reported, “do you believe in MATIC? Today recorded the highest number of whale transactions for the 11th ranked market cap crypto asset since February. A jump in Polygon holdings by 10m+ MATIC whales in mid-October may have foreshadowed this.”
The recent price increase in MATIC coincides with some significant advancements in the Polygon ecosystem.
Key Polygon Developments
On Wednesday, November 2, Meta announced that creators on the Instagram platform will be able to make and sell NFTs. Interestingly, Instagram's first NFT marketplace plans will rely on the Polygon blockchain. It means that Instagram will use the Polygon network to mint NFTs.
Additionally, Meta has collaborated with a number of blockchain platforms, including Ethereum and Flow. In the future, the tech behemoth intends to add support for the Solana blockchain and the Phantom wallet.
Another driver of the MATIC price increase was the successful execution of a trade on the Polygon blockchain network by America's largest bank, JPMorgan. JPM used the Aave decentralized finance protocol to create 100,000 tokenized Singapore dollars on the Polygon Layer-2 blockchain.
Co-founder of Polygon Sandeep Nailwal said: "I won't stop until Polygon earns its well-deserved "Top 3" status alongside BTC and ETH."
Polygon is currently the 11th most valuable digital asset in terms of market capitalization. However, given recent developments, it is unquestionably a contender for the top three spot.
Read also: Swiss Financial Regulatory Authority Amended Ordinance Clarifies Crypto Standards
