Polygon’s native token, POL, surged 15% on Friday after Binance added it to its platform. This marks the completion of Polygon’s token upgrade and rebrand from MATIC to POL. The price spiked to nearly $0.45 from $0.38, reaching its highest level since late August.
Why Did POL Surge?
Polygon recently transitioned from MATIC to POL, upgrading its tokenomics with a new 2% annual emission rate. This upgrade, combined with the Binance listing, created a positive momentum for the token. POL’s surge outperformed Bitcoin (BTC), which remained mostly flat during the same period.
Crypto analysts believe that the rebranding and the introduction of a fresh ticker have influenced the token’s price action. New charts provided a cleaner slate for traders, driving more attention to POL and boosting its performance.
Market Reactions to the Polygon Upgrade
Polygon’s successful migration from MATIC to POL has sparked interest across the crypto community. Analysts suggest that this transition could encourage other projects to follow suit. According to DefyIst, a well-known crypto analyst, the success of Polygon’s upgrade is significant, as large token migrations often lead to market uncertainty. However, this move by Polygon has been smooth, fueling optimism for its future.
