Warren Buffett-backed neobank chooses Polygon for Web3 token — MATIC price may rise 100%
Due to a combination of exceptionally optimistic fundamental and technical indications, the price of Polygon’s MATIC currency might quadruple by the end of 2022 or early 2023.
Polygon attracts high-profile clientele
MATIC jumped over 6.5% four days after Nubank, a Brazilian fintech business funded by Warren Buffett ‘s Berkshire Hathaway and Softbank, said that it had chosen Polygon’s “Supernets technology” for its blockchain and digital token, named Nucoin.
“Nubank intends to airdrop the digital token to its clients in the first half of 2023,” according to the official release, which also stated:
“These tokens will serve as the basis for its customers loyalty rewards program and will have benefits such as discounts and other advantages.”
#Polygon is taking @Nubank from #Web2 ➡️ #Web3!
In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon 🤝
This move will open the gateway for 70 mn+ Nubank users to the #Web3 space 🤯 pic.twitter.com/Fu06Vi7IpV
— Polygon – MATIC 💜 (@0xPolygon) October 19, 2022
As a result of the rise, MATIC was trading at $0.90 per share on October 24, its highest level in three weeks.
Polygon Supernets is an enterprise-level solution that simplifies blockchain development for businesses wishing to establish their own chains. Interestingly, prior to Nubank, GameSwift used the software to establish its own blockchain.
Polygon’s native token, MATIC, which acts as a utility and staking asset within the Polygon blockchain environment, may see a similar surge in demand.
MATIC is looking for a bull flag breakthrough.
The Nubank announcement comes as MATIC looks to be painting a bullish continuation pattern on its lower-timeframe chart.
A “bull flag” pattern appears when the price consolidates inside a parallel, descending channel following a strong upward rise. It usually resolves once the price breaks out of the range to the upside and climbs by the height of the preceding upswing.
As a result, if MATIC breaks above the upper trendline of the flag, it might challenge $1.85 as its major upside objective. In other words, it may see a 100% price increase by the end of 2022 or the beginning of 2023.
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