During last year, Polygon (MATIC) rose considerably to become one of the top 15 cryptocurrencies, globally. Between March and May, the coin performed more than some of the most popular cryptocurrencies, including Dogecoin.
The recent crypto crash affected Polygon in a serious manner, but that is definitely not the end of its story. Polygon has made people rich in the past. Is there any chance that it can experience a significant resurgence and make people rich again, even in ten years’ time? In simple terms, Will Polygon make you rich in ten years?
To provide the right answer to the question, we need to look at Polygon very well. We need to consider its past, its present, as well as its future. We can do all of this through diligent research and furnish you with the right information to make a sound decision about investing in the coin.
At Trading Education, we believe that our readers and followers can make sound, independent investment decisions. We help by doing deep research and presenting facts in an understandable manner.
At the end of this piece, you should be able to decide if Polygon is the right digital coin to invest in. It is important, however, that you read every part of the blog carefully to have the best information at hand.
What Is Polygon
According to its official website, Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Touted as Ethereum’s Internet of Blockchains, it is a special platform used for aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
Like most other cryptocurrency platforms, Polygon was invented to address some problems with Blockchains, including slow speeds and high gas fees. At the same time, the full-fledged multi-chain system does not sacrifice security to achieve its major goals.
Polygon as a cryptocurrency platform can be favourably compared to Polkadot and Avalanche, but with notable upsides. The network can get all the benefits of the Ethereum network since it is based on it. It is more open and powerful, and it is also more secure than similar platforms, including Cosmos.
To address most of the pain points of other cryptocurrency networks, Polygon introduced a number of solutions, including one-click deployment of blockchain networks, adaptor modules for enabling interoperability for existing blockchain networks, and many more.
Before we delve into other important discussions regarding the qualities of Polygon and whether polygon can make you rich in ten years, let’s point that Polygon is also a cryptocurrency. By that, we mean that the network has a native currency/token that is traded on major exchanges. If you are interested in investing in Polygon, the value of the token should be one of the most important factors to consider. We will get back to discuss the coin fully.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
What Is Special About the Polygon Network?
Polygon is unique in many ways. As our previous definition shows, it connects Ethereum-compatible blockchains. It has become one of the most popular scaling solution protocols in the decentralized finance space. Yes, Polygon is well-recognized in the rapidly emerging DeFi market.
Polygon also has several amazing features that appeal to developers. It is also considered to be great for enterprise solutions. Some of its most important features include:
- ETH Compatibility
- Modularity, etc.
Polygon also has one of the most interesting architectures in the industry. Already, the Polygon architecture has been used for some notable projects, including:
- Polymarket – a popular blockchain prediction market that has redefined the space, thanks to its smooth UX.
- Decentral Games – a “Decentraland metaverse" that host a good number of casino-style games and card games, allowing users to play with their preferred avatar.
- EasyFi – a fork of Compound that makes lending, borrowing, staking, and other transaction easier on one single DApp.
- Neon District – an adventure game that takes players to a sci-fi dystopia.
- SportX – a popular sports betting platform that allows users to bet on several sporting events and also earn from weekly contests.
There are many more projects that have been completed using the Polygon architecture, but we will stop right here. Time to discuss the Polygon token proper.
What Is Polygon (MATIC) Token?
The Polygon token, which was formally called MATIC is the native currency of the Polygon network. It is the digital asset you will get when you invest in the network as an individual investor or trader. It is similar to other cryptocurrencies, like BTC, EOS, ETH, etc.
The Polygon network was rebranded from the MATIC network, so the coin was rebranded at the same time. As you can expect, the rebranding did not affect the token in any massive way. In fact, the MATIC token symbol was preserved, even after the network was rebranded.
As the native currency of the network, MATIC can be used for several transactions on the Polygon ecosystem. Primarily, it is used to pay gas fees. The token can also be used to contribute to the security of the network through staking.
Coming to its position and reputation in the cryptocurrency universe, Polygon is pretty popular and has seen some really good days. It has been described by Capital as “one of the most promising cryptocurrencies this year so far”.
Buying and transacting with Polygon is relatively easy. You need to know the right place to buy and sell, and also monitor the market regularly to know when to sell. Like other cryptocurrency investments, you make money by buying Polygon when it is cheap and selling when the price is higher.
Can Polygon (MATIC) Make You Rich In Ten Years?
It is difficult to predict with certainty where a particular cryptocurrency can be in ten years’ time. Because of that, it will be wrong to authoritatively state that Polygon will make you rich in ten years. You will need to look back at the price history of the token, consider its recent performance and current position, and also look at predictions from authority websites before coming to a conclusion.
Here, we are going to discuss all the important factors that can determine the future of Polygon, so that you will have enough information to make a good decision at the end.
It is advisable that you read this part of the post with rapt attention, as it can affect your decision and the outcome of your investment in Polygon.
Price History Of Polygon
MATIC is a relatively new digital coin. It debuted on the cryptocurrency market on April 29th, 2019, selling for $0.004 per token. The price fluctuated minimally in the early days, but the coin recorded an all-time low of $0.003012 on May 9th, 2019. It was able to reach a new high of $0.03 towards the end of May. It started dropping afterwards, hitting $0.01 in early June. Stability returned soon enough, and the coin was selling for around $0.02 until the end of July.
Come August, MATIC dropped again to about $0.01 per token. Though the price fluctuated a little in September and October, the average price was not far from the $0.01 mark. The coin started performing better in early December, selling for about $0.04. It declined again by mid-December and was only able to finish the year at $0.014.
MATIC started 2020 on a positive note, maintaining the price it recorded at the end of the previous year. By February, the price has improved significantly to reach $0.02. In what can best be described as a dramatic fashion, the coin dropped so much, reaching $0.006 in mid-March. Of course, this was during the rise of the COVID-19 pandemic.
Slowly, MATIC started picking up from its low point. By the end of May 2020, it has recovered meaningfully and reclaimed its resistance level at $0.025. It recorded a slow but steady rise over the following months, reaching $0.031 by mid-August.
Towards the end of 2020, MATIC experience another noticeable price drop. By the first week of November, it reached a low of $0.012. It did not make any reasonable recovery after that. By the end of December 2020, MATIC was trading at $0.017 per token.
MATIC opened at $0.0178 in January 2021. It gained value steadily over the weeks to reach $0.03402. The real growth started in February, and by February 17th, it exchanged for $0.1212. By March 3rd, it reached $0.2239. The growth continued with minimal fluctuation. By March 13th, MATIC was exchanging for $0.4251. It fluctuated significantly between mid-March and Mid-April. On April 24th, it exchanged for $0.3534. A sharp rise in price saw the coin exchanging for $0.8909 by April 29th.
Recent Performance And Current Position Of Polygon
We can’t talk about the recent performance of MATIC in 2021 without going back to what happened in May. Like most other coins, MATIC reached new heights during the bullish cryptocurrency market of May 2021. It started the month at just $0.7868, but in less than two weeks, it had already crossed the $1 mark, exchanging for $1.0692 on Mar 11th.
The price of MATIC rose so much in May 2021, reaching an all-time high of $2.68 on May 18th. It dropped significantly after that, reaching $1.1933 on May 22nd. It recovered soon afterwards to reach $2.0267, but that didn't last too long. The price fluctuated significantly in June. Getting to July, it was on a downswing. On December 27 Polygon reached its current all-time high of $2.92.
At the time of writing this post, Polygon MATIC was selling for $2.41, according to Coin Market Cap. 24 hours prior, the coin had recorded a low of $2.29 and a high of $2.45.
Still at the time of writing, MATIC had a market capitalization of $17 billion, and that makes it the number 13th ranked cryptocurrency in the world in terms of market capitalization. However, its Fully Diluted Market Capitalization at the time was $24 billion. The circulatory supply of the coin is 7.31 billion MATIC, which is 73% of the expected 10 billion MATIC Maximum/Total supply.
Polygon Price Predictions
To be certain that Polygon can make you rich in ten years, you need to consider predictions from the right sources.
Wallet Investor is positive about the future of Polygon. According to their recent predictions, Polygon can be worth as much as $4.59 by the end of the year. They also predict that the coin will be worth as much as $12.91 in the next 5 years.
Digital Coin Price is also positive about Polygon's value going forward, but they are a lot more conservative than Wallet Investor. Their recent predictions show that Polygon MATIC can be worth around $3.49 by the end of 2022. In the next five years (2027), they predict that the Polygon coin will be worth about $6.19. They also predict that the coin will be worth about $9.62 in 2029.
Long Forecast has similar predictions. According to their recent predictions, the coin can rise to about $4.41 by the end of the year, 2022. They also predict that Polygon will reach $5.11 in the beginning of 2023. By December 2025, they expect the coin to be worth about $5.19.
Coin Price Forecast is a lot more confident of Polygon’s future than Long Forecast. According to their recent predictions, the price of Polygon asset can end 2022 at $8.53. In the next five years (2027), they predict that the coin will be worth about $22.82 by mid-year and eventually end the year at $20.82.
Don't Miss: Polygon Price Predictions
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Major Reasons To Invest In Polygon
Polygon may not be among the most popular cryptocurrencies on the market, but it is a decent digital coin for investors and traders. While we can’t authoritatively say whether the coin will make you rich in ten years, we are pretty sure it is a decent investment option for long-term cryptocurrency investors.
Some of the major reasons you should choose the coin ahead of most other related coins include:
- Polygon is compatible with Ethereum and will continue to attract developers who love and use the platform for developing apps.
- Polygon's advanced security model is optional. Users can choose flexibility over additional security without sacrificing any meaningful thing. Users can go for the exact thing they need.
- The Polygon team claims that the network is flexible enough to incorporate different scalability solutions including Optimistic rollups and ZK-rollups, in addition to Plasma chains.
- Polygon MATIC is gaining the attention of day traders and long-term investors, and that will certainly improve the value in the coming years.
Check Out: 15 Reasons Why You Should Invest In Polygon
Why You Need To Think Twice Before Investing In Polygon
While Polygon is an incredible network and MATIC is a decent token to invest in, there are reasons you may have to think twice before making an investment in the cryptocurrency. Some of the critical reasons include:
- Polygon is a relatively new network, and you can only get a limited price history. In other words, it is a bit difficult to rightly predict how the coin will perform in the future.
- In its few years of existence, Polygon MATIC has shown signs of extreme volatility. Though every crypto asset is considered volatile, MATIC seems to be among those that are considerably more volatile than the rest.
- Polygon will still need to compete with similar digital currencies like Cosmos, Polkadot, Kusama, etc.
Should You Play The Long-Term Game With Polygon?
Polygon is undoubtedly a good network and the coin, MATIC, is not a bad investment option. However, you need to carefully examine your investment options before making a decision. Though the future of Polygon is looking bright, we aren’t too sure what will become of the network and its coin in ten years.
Investing in Polygon can be profitable in the near future. The coin is relatively new and likely to record new highs in the next few years. In the long run, it is difficult to predict how Polygon will fare in decades to come. In the next ten years, Polygon can be worth a lot more than it is worth now. But no one is certain what will become of the coin. There is also a chance that it won’t live up to the promises it currently projects.
Important Tips For Investing In Polygon (MATIC)
Are you confident that Polygon will be a good addition to your investment portfolio? It is important that you invest carefully. Here are a few tips you should keep in mind while investing in the Polygon asset:
- Polygon is a relatively new cryptocurrency, so you shouldn’t invest too heavily.
- You don’t have to wait for ten years when you invest in Polygon. In fact, the coin is a good fit for short term trading, until we are certain of its future.
- You need to keep learning about Polygon and other digital assets, as well as viable investment strategies you can use to earn more from your portfolio.