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Polygon (MATIC) is our trending coin for the week of October 4th, 2022, surging over 24% in the last 7 days, and over 18% in the last 24 hours according to data from Coingecko. 

Let’s check out the possible catalyst that made Polygon native token $MATIC skyrocket in price.

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Possible Catalyst

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JP Morgan Picks Polygon for Its Defi Transfer

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JP Morgan is an American multinational investment banking and financial services company worth over $382 billion, they choose polygon over other chain for their Defi transfer.

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This insinuates that banks are growing more confident with public blockchain which calls for the adoption of blockchain and cryptocurrency. 

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This is not the first time banks are using permissionless blockchains. Additionally, JPMorgan built on-chain verification of verifiable credentials (VC) to provide compliant access to Aave and other DeFi protocols.

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The aim was to eliminate DeFi front ends from needing to do know-your-customer (KYC) checks.

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Meta Chooses Polygon for its NFT Adoption

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On November 2nd, 2022 Meta announce their partnership with Polygon, which will enable users on Instagram to buy, sell, and mint NFT. 

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Instagram is a social media platform acquired by Meta that has billions of users all over the world, allowing this large number of users to be able to buy, sell and mint NFTs leveraging on the Polygon chain is a very strong bullish fundamental analysis. 

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This call for the adoption of Polygon chain as it will experience a newly created wallet addresses, increase volume in transactions, and a lot more, adding more utility for the native token $MATIC

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Santiment Whales Analysis on Matic

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Santiment, a premium tool to analyze and track the crypto market made a tweet that Whales has made a new all-time high volume in transactions since February 11th, and the market this volume was added to is $MATIC.  

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In addition, according to data shared by Whalestats. Over 100 biggest whales on the Ethereum chain now hold over $37 billion dollars in $MATIC.

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About Polygon 

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Polygon is a blockchain platform that seeks to solve many blockchain scalability issues.

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The platform uses a combination of Plasma and proof-of-stake as its core components, allowing for the easy execution of scalable and autonomous smart contracts. It also utilizes Polkadot's token model as part of its governance system, which means users can vote on protocol updates.

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Polygon is backed by Binance and Coinbase, and it aims to stimulate mass adoption of cryptocurrencies by resolving scalability problems on many blockchains.

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