When a giant like Disney gets interested in a project, it usually has an effect. Polygon has just confirmed this, as its MATIC token has jumped +23% on the week, against other crypto-currencies that continue to look bleak.
Polygon’s MATIC jumps +23% on the week
As we explained yesterday, Disney Group seems to have turned its attention to Web3, if the projects that have recently joined its support program are to be believed. Announced on Wednesday, the partnerships should allow Disney to explore the metaverse and non-fungible tokens (NFTs).
The announcement had an immediate effect on the MATIC share price. The latter jumped by +41% in less than two days, in a rather gloomy context for the rest of the cryptocurrencies :
MATIC price jumps following Disney announcement
Since then, the price has fallen again, with MATIC posting “only” +23% for the week. For comparison, the price of Bitcoin (BTC) is down -5% over the same period, and Ether (ETH) is down -3.7%.
This morning, one MATIC is trading for $0.69. The total capitalization of Polygon’s cryptocurrency reaches 5.5 billion dollars, which allows it to climb to 16th place in the ranking.
In any case, there has been a certain craze for Polygon lately. Already, the Ethereum network scalability solution had announced that it had picked up some of the projects of the defunct Terra (LUNA) earlier this week. In addition, the company seems to be little affected by the bear market: it had announced in June to accelerate the recruitment.
