Binance Trades $7.14 Billion MATIC to POL and Causes Madness: What Now?

• POL buying and selling rose after the itemizing as MATIC tokens price $7.14 billion had been transformed into the brand new token.
• Polygon strengthened its function in tokenized RWAs, holding $868.88 million in Complete Worth Locked.

Binance [BNB] has been profitable completed the transition from MATIC to POL, making a wave of curiosity amongst merchants.

With $7.14 billion price of MATIC tokens already transformed, representing 71.4% of the overall provide, the market is protecting an in depth eye on how this shift will impression POL’s worth actions, Dune stated.

Supply: Dune

The brand new POL token is now out there for buying and selling in a number of pairs together with POL/USDT, POL/BTC, and POL/ETH, amongst others.

POL efficiency after itemizing

After itemizing on Binance, POL has skilled each volatility and a rise in buying and selling quantity. On the time of writing, POL was priced at $0.3794with a 24-hour buying and selling quantity of $77,969,673.

The token noticed a decline of -6.29% over the previous day, however recorded a modest acquire of 0.85% over the previous week. Regardless of the short-term dip, POL had a market capitalization of $2.7 billion, fueled by its giant circulating provide of seven.1 billion tokens.

In response to DefiLlamaComplete Worth Locked (TVL) on Polygon on the time of writing was $868.88 million, indicating strong engagement on the platform.

Furthermore, stablecoins on the community have a market capitalization of $1.982 billion, whereas the 24-hour buying and selling quantity is $58.59 million.

Over the previous 24 hours, Polygon has seen an influx of $1.49 million and recorded 2.84 million transactions. The variety of energetic addresses in the identical interval stands at 606,572, whereas the variety of new addresses elevated by 55,169.

Polygon’s function in tokenized RWAs

Polygon has established itself because the second largest blockchain within the tokenized Actual World Property (RWAs) house, with 23 property on its platform, following Ethereum’s [ETH] 62. In response to market analysis,

“Polygon’s place within the RWA sector, with a complete market capitalization of $531.58 million, reinforces its significance within the blockchain ecosystem.”

Supply: OnsNetwerk

Learn Polygon [MATIC] Worth forecast 2024–2025

This substantial market share places Polygon in a robust place because it transitions into the POL period.

With continued development within the RWA market, the platform is anticipated to draw extra tasks, which may impression POL’s long-term worth.