The Polygon Community lately underwent a technical improve emigrate their native token from MATIC to POL. Following the migration, the brand new token’s value struggled to achieve momentum, failing to reclaim the $0.39 resistance stage. Nonetheless, Binance’s current itemizing of POL has pumped its value above key ranges.
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Binance Completes Polygon Token Migration
On Friday morning, international change Binance accomplished the token migration from MATIC to POL. The change had acknowledged it could help Polygon’s token swap by delisting all MATIC buying and selling pairs and suspending deposits and withdrawals on September 10.
Moreover, the platform revealed it could add POL spot buying and selling pairs on September 13, at 10:00 (UTC). The pairs included POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT.
Polygon’s token migration on September 4 marked a “vital juncture” for the community, aiming to boost utility and align with “the imaginative and prescient as an aggregated community of blockchains.” The improve seeks to enhance the platform’s tokenomics to make it extra engaging for customers and validators.
Furthermore, POL will function a “hyperproductive token,” performing because the native fuel and staking token on Polygon and supporting its “future enlargement and safety as an aggregated community.”
After delisting MATIC, Binance introduced the completion of the token swap, itemizing Polygon’s new token on Friday. The worldwide change additionally unveiled that POL could be added to Binance Easy Earn, “Purchase Crypto”, and Binance Convert.
Binance Margin and futures providers would additionally change into obtainable for POL buyers on September 13. In the meantime, Binance Auto-Make investments shall be obtainable on September 16 at 10:00 (UTC).
POL Worth’s Parabolic Surge
Following its itemizing on Binance, Polygon’s new token noticed an enormous surge. POL had been hovering between the $0.38-$0.35 value vary since September 3, edging near its all-time low (ATL) of $0.345 registered over a month in the past.
Regardless of Polygon’s improve, the token struggled to interrupt above the $0.39 resistance stage, worrying buyers and market watchers. Nonetheless, POL jumped 17.3% on Friday, breaking above the $0.4 mark for the primary time in ten days.
The token additionally noticed an enormous improve in each day exercise, seemingly fueled by the itemizing. POL registered a each day buying and selling quantity of $135 million, hovering 700% within the final 24 hours. Its market capitalization additionally surged 17%, hitting the $3.16 billion mark on Friday morning.
Some market watchers famous POL’s efficiency, praising Polygon’s improve. DeFi analyst DeFyist thought of Polygon’s the “first profitable massive token migration we’ve seen shortly.”
To the analyst, the improve displayed why “new charts are extra vital” because the token was “lifted on the recent perp itemizing” regardless of the spot migration having occurred already.
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One other pseudonym analyst thought of it an “instance of why a ‘new chart’ issues.” To Cilinix, if the token efficiently reclaims the $0.44 resistance stage, it could possibly be up for a bullish run.
As of this writing, POL is buying and selling at $0.433, a 16.6% surge within the final 24 hours.
Featured Picture from Unsplash.com, Chart from TradingView.com
