3 Reasons Behind MATIC's 17% Surge to 7-Week Highs

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3 Reasons Behind MATIC's 17% Surge to 7-Week Highs
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Over the last 24 hours, MATIC traded at nearly $1 for the first time in seven weeks. Here's why.

3 Reasons Behind MATIC’s 17% Surge to 7-Week HighsOver the last 24 hours, MATIC traded at nearly $1 for the first time in seven weeks. Here’s why.

Polygon was among the best performers in the top 20 cryptocurrencies in the last 24 hours. The token gained nearly 17% and traded at $0.98 for the first time since mid-August. Although its valuation has retraced to $0.95, here are three possible reasons behind MATIC’s impressive 17% increase.On November 2, Ryan Wyatt, CEO of Polygon Studios, announced that Meta, the parent company of social media platforms Facebook and Instagram, has selected Polygon for its digital collectibles.

Recall that Meta recently joined the NFT bandwagon after its failed crypto project last year. In August, the social media giantThe latest partnership with Polygon means that creators can use the Ethereum scaling solution to mint and sell digital collectibles on Instagram.

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