Can Polygon’s series of updates help MATIC get rid of its year-end woes

In February, Polygon raised around $450 million through a private sale of its native MATIC token in a funding round led by Sequoia Capital India. This included a $50 million investment from troubled Alameda Research.CoinMarketCapWith negative investors’ sentiment trailing the crypto asset since FTX’s implosion, the news of the recent partnership with media giant Warner Music Group failed to impact MATIC’s price.

In the last 24 hours, MATIC’s price declined by 0.51%, and the volume traded was also down by 29%, data from CoinMarketCap showed.On 5 November, just before the FTX debacle started, on-chain assessment revealed that MATIC’s Network Profit/Loss metric touched a high of 283.61 million. This showed that investors – on average – sold at a significant profit. MATIC sold at a high of $1.12 within the same period.

However, following FTX’s implosion and decline in the general market, MATIC’s price plummeted, causing the NPL to fall as well. This represented MATIC’s decline from a local top it recorded prior to FTX’s collapse.As the market attempts to regain balance following a significantly bearish November, one can expect the series of ecosystem updates within Polygon to restore investors’ conviction before the close of Q4 2022.Subscribe to get it daily in your inbox.

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