Polygon (MATIC) Among Top Performers, Can It Sustain The Rally?

Popular Ethereum layer-2 token MATIC has surged over 17% in the last 24 hours, leading the crypto market in gains. Its price jumped from the previous day’s low of $0.815 to a local high of above $1. However, the price succeeded in breaking through the $1 barrier, settling at $1.13 at press time. MATIC’s price had fallen for five days in a row beginning on October 29th. However, it has recently seen a remarkable uptick due to several positive developments. Meta’s recent announcement about supporting NFTs on Instagram leveraging Polygon was the main catalyst. The social media platform’s newest Web3 integration comes amid fierce competition from TikTok and Alphabet’s YouTube. Related Reading: Lightning Speed: Accelerators And Incubators Focus Their Sights On Bitcoin Meta Starts Testing Instagram NFT Sales Powered By Polygon Instagram owner Meta announced plans to mint, display, and sell Polygon-powered digital collections and NFTs on the platform. This should provide artists with a fresh approach to interacting with and profiting from their fan bases. According to Meta, the photo-sharing app’s latest features will be tested by a handful of US creators. The goal is to reach more people in more nations as quickly as possible. Instagram intends to incorporate a whole end-to-end toolbox that can be utilized throughout the process. This would cover NFT production to NFT display and sales on and off social...