Will Matic Remain One of Binance's Most Successful IEO's?
Today Matic ($MATIC) has climbed by more roughly 20%, bringing its price to $0.020796 USD. It has also gained ground against BTC and ETH respectively by 12% and 14$ and is trading at 0.00000217 BTC and 0.00010357 ETH.
Most other cryptocurrencies have registered gains between 1% to 5% today, making Matic's uptick rather unique. There seem to be 2 reasons for Matic's current rally. The first being Binance's announcement on Twitter yesterday. In it Binance.US announced that they would list Matic after its mainnet launch.
This move by Binance.US will allow users to buy and sell Matic from within the United States. While American users could have purchased Matic via Binance DEX in their Trust Wallet app, it is more convoluted than a direct listing. Additionally, this will likely allow U.S. based users to purchase Matic using fiat and with a population of 328 million, it could drastically increase Matic's market cap.
Matic & Mainnet Launch
The launch of Matic's Mainnet is something that could also influence its future price. A successful launch could help Matic maintain its dominance and growth. A rocky launch could essentially do the opposite.
As with Harmony's (ONE) mainnet launch earlier this year, there is also a slim chance that the mainnet launch will have little affect on it's price. While the circumstances are very different between both projects, Harmony's price continued its decline despite a successful mainnet launch.
So far Matic has been the most successful project released on Binance's Launchpad. It overtook projects such as Bittorrent Token (BTT), Wazir X (WSX) and the Harmony (ONE) and continues to grow. While Matic has encountered serious dumps in the past, it seems to continue its upwards trend. One can guess that it will remain one of Binance's best Launchpad projects for the foreseeable future.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado