While many experts tunnel-visioned on Bitcoin, Ethereum, and Terra Classic, a very important player in the market was quietly gaining momentum. Polygon had a great quarter despite the crypto winter and the global recession. A series of good news stories about international corporations eyeing the possibility of deploying their products on the layer 2 Ethereum network Polygon allowed it to stabilize the price and prepare for a “crypto spring”.
Looking at the big picture
Just like many other assets, Polygon lost 89.7% compared to its all-time high in December by June 18. The beginning of summer was quite brutal with the whole market suffering a 60% reduction. The total market cap of the industry dipped below $1 trillion. The flagship token of the crypto world, Bitcoin, lost over 62% of its value in the middle of June.
While these numbers look terrifying, there is a ray of hope. Polygon is 159% up from its June low and has been going only in the upward direction ever since dipping to $0.33. One of the reasons for such confident recovery is that the network is announcing new partnerships regularly. Some of the biggest brands that are already using the network or planning to deploy on Polygon are Nike, Starbucks, Disney, La Liga, Bundesliga, and many others.
The network is not stopping expanding and developing despite the crypto winter ravaging all sectors of the industry. The dedication shows and finds expression in the slowly but surely recovering price. While many other price charts look chaotic with low dips and volatile SMAs, Polygon’s lows have been following a very distinct upward curve indicating that investors see something promising and do not dump tokens on the market to make a quick buck.
Strong fundamentals make POLYGON strong
The resilience of the token is a direct result of dedication and effort from the development team that continues implementing new features and building partnerships despite all challenges. With such utility and promising business partnerships, Polygon is keeping Ethereum afloat and promising its users a bright future.