MATIC is back on the road to recovery and shows vivid signs of a price rally that is just around the corner. Crypto whales are buying MATIC again to take advantage of the climb back, putting an end to the two-month-long period of rapid selling.
At the time of this writing, Polygon is selling for $0.655.
What you'll learn 👉
Whales are Hoarding MATIC
In the last seven days, MATIC has gained 8.4%, following the broader market trend, after a steep crash amid the SEC turbulence. MATIC was one of the worst affected by the legal rows. On 16 June 2023, MATIC found its 2023 bottom at $0.58, sending waves of panic in the crypto market.
But BlackRock’s ETF filing and BTC’s surge past $31K have eased MATIC’s recovery. There are multiple factors that flash green flags for MATIC, hinting at a journey upward till it finds strong resistance at $1. MATIC whales also show confidence in the crypto asset, indicating a rapid price recovery.
Polygon Whales Wallet Balances, June 2023, Source: Santiment
According to data on Santiment, whales holding 10 million to 100 million MATIC coins have been on the rise. The large influx of investments within a short period led to a 16% price rise for MATIC, although the bull run has slowed down this week keeping in line with the broader market.
As of 26 June 2023, the crypto market has recorded a 1.44% decrease on the 24-h chart. But it is likely to be short-term, as the crypto fear and greed index is tilted toward greed with a decent score of 55.
Crypto Fear & Greed Index, 26 June 2023
Polygon Launches AI-Powered CoPilot to Improve User Acquisition and Retention
One of the major elements that have worked in favor of the Polygon price in the last few days is the release of an AI-based user guide powered by ChatGPT. Polygon’s new AI-trained Copilot’s role is to help users navigate the vast Polygon ecosystem.
According to a blog post on Polygon’s official website, the “conversational UI represents a leap in the quality of user experience”. It allows you to “unlock a world of interactions, simply by ‘asking’ – whether you’re a serious builder, an enthusiast, or a curious user”.
The Copilot, which taps into OpenAI’s GPT-4 large language model, is trained on the extensive documentation of Polygon protocols. As a result, it can provide valuable insights, analytics, and guidance across different aspects of the ecosystem. It also enables minting of zkEVM and PoS NFTs within the interface, faster and more efficiently.
Polygon Network Growth Shows Promise
Although June has been ruthless to MATIC, sending it to a yearly low, the Polygon network is flourishing with new users. For example, Polygon’s Daily Network Growth hasn’t gone below 60,000 over the month.
The fact that the Polygon network growth has remained healthy during the period of a steep price dip reveals that a price correction is incoming. Polygon has the strength to climb back to $1 and even higher, if the broader market is bullish in the coming days. The AI-powered copilot, which is dedicated to further improving user acquisition and retention, will also expedite the journey upward.
Interestingly, the bull run in the offing is not based on speculation. It will be driven by the market relevance of the core products and services built on the Polygon network. They continue to attract users and power the utility of the coin. The rising confidence in whales, on the other hand, sends the MATIC price predictions above $1.
But the next resistance for Polygon is not $1. It will be around $0.75. Investors can trigger a sell-off as the MATIC price approaches $0.77. If it manages to break past this resistance, it can climb toward $1, setting a new support.
That said, the chances of Polygon falling below $0.65 can’t be ruled out. In the event of a broader market downturn, it can even slip below $0.55.
Other Altcoins to Buy Now
MATIC is an excellent buy now as it is on the path to $1, driven by network growth and user acquisition. But MATIC, as a cryptocurrency, has limited room for growth. It has a market cap of $587B, which makes it largely saturated. So it is important to add emerging and new tokens to crypto portfolios to maintain a healthy ROI, especially in a volatile market environment.
Listed below are two trending crypto presales that will make a judicious investment now.
Wall Street Memes (WSM)
Meme coins are notorious for their explosive price action. They have a history of setting off the biggest crypto rallies with ROIs in four and five digits. While they are often blamed for their lack of utility, they also shower investors with generous returns – often within a few weeks or even days.
That makes Wall Street Memes one of the best cryptocurrencies to buy now. It recently made headlines, breaking past the $10M presale milestone in a record period of a few days within the launch. The meteoric presale doesn’t come as a surprise since the project is backed by one of the liveliest online communities of the same name.
Introducing $WSM – yep, we’ve gone and done it.— Wall Street Memes (@wallstmemes) May 27, 2023
The community token that's flipping the Wall Street Memes game upside down! 🐂
We have 50% of the #Token supply up for grabs in the #Presale and 30% set aside for rewarding our community.🔥
Let's make some serious waves together,… pic.twitter.com/fH2TMGmglZ
This is not the first time the meme community is stepping into the crypto waters. Earlier in 2021, it launched an NFT collection called Wall Street Bulls, which sold out in just 32 minutes. According to crypto analysts, Wall Street Memes meme coins will outperform the NFT collection, potentially with a 30-50X bull run on initial exchange listings.
To give you a better perspective of the community’s hold among traders, investors, and business leaders from around the world, here is an example.
This is just one of the multiple times Elon Musk has engaged with the community’s hilarious posts.
Although Wall Street Memes Token (WSM) doesn’t have any defined utility like most altcoins, at least in the initial stages, it has long-term relevance. It has allocated an impressive 30% of the total token supply for community rewards and aims to incentivize investors to hold on to their WSM investments regardless of broader market trends.
For example, a giveaway worth $50,000 of $WSM is now live. The prize pool will be split between 5 lucky degens who complete the simple tasks assigned under the Gleam contest. As of now, there are 34,967 entries.
Given the large community support and robust tokenomics, $WSM is designed to be more than just a passing crypto trend. It has the potential to secure a solid position on the top-3 meme coin rankings and eventually make its way higher up the chart. But you need to hurry up if you want to secure the tokens for discounts at the presale. At the current pace, it is moving toward an early sell-out.
Launchpad XYZ (LPX)
Another crypto presale that has been garnering a lot of attention in June is Launchpad XYZ – which is building a Web 3.0 hub that simplifies access to the crypto market. The large influx of investors to the presale can be attributed to the array of tools featured on the platform which includes a Web 3.0 wallet, trading terminal, DEX, NFT marketplace, presale arena, and play-to-earn library.
Launchpad XYZ helps users to get in-depth insights into the Web 3.0 ecosystem and make the right investment decisions. One of the key highlights of the Web 3.0 hub that underscores its market relevance and credibility is a single metric called Launchpad XYZ Quotient (LQ). It shows you what’s hot and what’s not in the market.
As the crypto market acquires new users, Launchpad XYZ will improve the retention rate by helping an average user navigate the intimidating market.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com