Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
MATIC Surges 10% as Polygon's 2.0 Upgrade Draws Closer

MATIC Surges 10% as Polygon's 2.0 Upgrade Draws Closer

CoindeskCoindesk2023/07/11 16:29
By:Oliver Knight

Open interest for MATIC trading pairs has risen from $109 million to $160 million in the past 24 hours.

MATIC open interest (Coinalyze)

, the native token of Ethereum scaling solution Polygon, has jumped 10% from Monday's low of $0.67 as traders anticipate the upcoming Polygon 2.0 upgrade.

The crypto is currently changing hands at $0.73 following a 62% increase in daily volume on Tuesday, with $500 million being traded over the past 24-hours, according to .

Polygon with aims of creating “the value layer of the internet." It also said that it will transition to greater community governance of the protocol and treasury in a .

Matic's aggregated open interest, which is a metric used to assess the nominal value of open derivatives positions, has experienced an even larger uptick over the past 24-hours, rising from $109 million to $160 million, or 47%, according to . That big jump suggests that the rally is being backed with leverage.

It's worth noting that highly-anticipated news events like upgrades can cause volatile price action as an imbalance of leveraged positions have the potential to get squeezed after the event takes place, with astute traders look to capitalize on unsustainable levels of optimism. Ethereum's Shanghai upgrade was an example of this, with prices rising by 16% in the lead-up to the event before returning to parity less than a week later.

Edited by Stephen Alpher.

138
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

AI-Powered Token Fluctuations: Insights Gained from the ChainOpera AI Token Downturn

- ChainOpera AI's COAI token collapsed 90% in late 2025 due to hyper-centralized supply, governance flaws, and regulatory ambiguity. - The crash triggered market instability, exposing vulnerabilities in AI-driven crypto ecosystems reliant on speculative hype rather than intrinsic value. - Anthropological insights and interdisciplinary models like CAVM are proposed to improve governance and valuation frameworks for decentralized AI projects. - Structural safeguards including diversified token supply, hybrid

Bitget-RWA2025/12/10 14:50
AI-Powered Token Fluctuations: Insights Gained from the ChainOpera AI Token Downturn

MMT Token's Latest Price Jump: Temporary Hype or Genuine Breakthrough?

- MMT token surged 1,330% post-Binance listing in late 2025 but fell 37.37% over 30 days amid crypto market weakness. - Market analysis highlights oversold RSI-7 (19.23) and weak buying interest, while Bitcoin dominance rose to 58.13%. - MMT launched buybacks and a perpetual futures DEX to stabilize value, but top 100 holders control 20.4% of circulating supply. - Experts note speculative GME-like retail frenzy alongside DeFi utility, predicting 2025 price range of $0.4342-$0.8212.

Bitget-RWA2025/12/10 14:08
MMT Token's Latest Price Jump: Temporary Hype or Genuine Breakthrough?
© 2025 Bitget