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Global markets saw a mix of upticks and fluctuations today as investors navigated the risks of recession and how it could affect interest rates. Meanwhile, the broader cryptocurrency market rose slightly, with Bitcoin and Ether up by 1.45% and 1.02% respectively in the past 24 hours as of the time of writing. The hot token for today is MATIC, which has gained 1.49% in the past 24 hours.
MATIC, is the native token of Polygon, a layer 2 scaling solution for Ethereum that aims to improve its scalability and reduce transaction costs. In recent months, MATIC has experienced a significant price increase, and the reasons for this pump are multi-faceted. First being the increase in adoption. Polygon has seen more decentralized applications (dApps) and projects integrate with the Polygon network contributing to the rise in adoption and use for the token MATIC. Secondly, Polygon has been actively working on expanding its ecosystem by partnering with various projects and launching new initiatives. The most recent would be the launch of Polygon zkEVM Mainnet Beta which is happening today!
Check Out the Latest Prices, Charts, and Data of MATIC/USDT!
Hong Kong-based blockchain gaming company, Animoca Brands, has reportedly decreased the target for its metaverse fund by 20%, reducing the fund's target to $800 million from the initial target of $2 billion according to Reuters. The company's initiative has been scaled down in response to the volatility in the cryptocurrency sector. The fund, Animoca Capital, unveiled in November 2021, has invested in over 380 companies with the vision of developing a blockchain-based metaverse for trading digital assets in the form of NFTs.