The crypto market collapsed as Silvergate and Silicon Vallet Bank announced their bankruptcy. Most cryptos collapsed by an average of 8% in the past 7 days. MATIC was among the cryptocurrencies that crashed due to the bad fundamentals in the market, but also as an adjustment was overdue. Is it good to buy MATIC now? What are some realistic MATIC targets for the medium term? Let’s analyze
What is MATIC Coin?
Matic Network, currently known as Polygon, is an Ethereum Layer 2 scaling solution. Before changing its name to Polygon, the Matic Network’s native cryptocurrency was known as “MATIC”. The Matic Network was powered by the MATIC token, an ERC-20 token. The coin was utilized for a variety of tasks, including transaction fees, network governance, and reward staking. The Polygon network is intended to alleviate some of the usability and scalability difficulties of the Ethereum blockchain, making network transactions quicker and less expensive.
How to mine MATIC Coin?
The Matic Network used to use a Proof of Stake (PoS) consensus mechanism, which means that mining MATIC tokens was not possible in the traditional sense. Instead, users could participate in the network by staking their MATIC tokens and helping to validate transactions and secure the network. Staking involves locking up your tokens in a smart contract for a set period of time, during which you earn rewards in MATIC tokens for your contribution to the network.
To stake MATIC tokens on the Polygon network, you will need to have some MATIC tokens and a supported cryptocurrency wallet, such as MetaMask. Once you have set up your wallet and transferred your MATIC tokens to it, you can then delegate your tokens to a validator node on the network. The validator node will then use your staked tokens to validate transactions and earn rewards for both you and the validator.
How many MATIC coins are there?
There is a maximum total supply of 10 Billion MATIC coins. However, there are currently around 8.73 Billion MATIC coins in circulation.
MATIC Price Analysis: Why is MATIC down?
Since the beginning of the year 2023, MATIC saw a 50% price increase. MATIC price increased from 1$ and reached a high of $1.5 without any retracement. However, now that the bad fundamentals kicked in (Silvergate and SVB collapse), MATIC found a reason to adjust heavily and dropped back towards the 1$ price mark.
Today, MATIC is getting back on its feet and reached a current price of $1.11.
MATIC Price Prediction: MATIC Targets 2023
Now that MATIC stabilized again at the psychological price of 1$ and is going higher, we can plot the potential targets. Keep in mind that those higher targets rely on the entire crypto market being green and recovering from the previous crash. The upcoming MATIC targets for the short/medium terms are as follows:
How to Buy MATIC Coin?
There are currently many good exchanges that offer to trade and hold MATIC coins. Here’s a list of known exchanges that are currently in good standing:
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