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The Polygon Community not too long ago underwent a technical improve emigrate their native token from MATIC to POL. Following the migration, the brand new token’s worth struggled to realize momentum, failing to reclaim the $0.39 resistance stage. Nevertheless, Binance’s latest itemizing of POL has pumped its worth above key ranges.
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Binance Completes Polygon Token Migration
On Friday morning, world change Binance accomplished the token migration from MATIC to POL. The change had acknowledged it will assist Polygon’s token swap by delisting all MATIC buying and selling pairs and suspending deposits and withdrawals on September 10.
Moreover, the platform revealed it will add POL spot buying and selling pairs on September 13, at 10:00 (UTC). The pairs included POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT.
Polygon’s token migration on September 4 marked a “important juncture” for the community, aiming to reinforce utility and align with “the imaginative and prescient as an aggregated community of blockchains.” The improve seeks to enhance the platform’s tokenomics to make it extra enticing for customers and validators.
Furthermore, POL will function a “hyperproductive token,” performing because the native gasoline and staking token on Polygon and supporting its “future enlargement and safety as an aggregated community.”
After delisting MATIC, Binance introduced the completion of the token swap, itemizing Polygon’s new token on Friday. The worldwide change additionally unveiled that POL could be added to Binance Easy Earn, “Purchase Crypto”, and Binance Convert.
Binance Margin and futures providers would additionally develop into out there for POL buyers on September 13. In the meantime, Binance Auto-Make investments will likely be out there on September 16 at 10:00 (UTC).
POL Worth’s Parabolic Surge
Following its itemizing on Binance, Polygon’s new token noticed an enormous surge. POL had been hovering between the $0.38-$0.35 worth vary since September 3, edging near its all-time low (ATL) of $0.345 registered over a month in the past.
Regardless of Polygon’s improve, the token struggled to interrupt above the $0.39 resistance stage, worrying buyers and market watchers. Nevertheless, POL jumped 17.3% on Friday, breaking above the $0.4 mark for the primary time in ten days.
The token additionally noticed an enormous improve in day by day exercise, seemingly fueled by the itemizing. POL registered a day by day buying and selling quantity of $135 million, hovering 700% within the final 24 hours. Its market capitalization additionally surged 17%, hitting the $3.16 billion mark on Friday morning.
Some market watchers famous POL’s efficiency, praising Polygon’s improve. DeFi analyst DeFyist thought of Polygon’s the “first profitable huge token migration we’ve seen shortly.”
To the analyst, the improve displayed why “new charts are extra vital” because the token was “lifted on the contemporary perp itemizing” regardless of the spot migration having occurred already.
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One other pseudonym analyst thought of it an “instance of why a ‘new chart’ issues.” To Cilinix, if the token efficiently reclaims the $0.44 resistance stage, it might be up for a bullish run.
As of this writing, POL is buying and selling at $0.433, a 16.6% surge within the final 24 hours.
Featured Picture from Unsplash.com, Chart from TradingView.com
