"MATIC has to break through $2 if investors want to believe again."
Polygon's cryptocurrency (MATIC) saw an encouraging performance after the digital asset's successful launch of zkEVM which was reported to have made some decent gains.
Similar to the Ethereum (ETH) Virtual Machine scaling solution, zkEVM has leveraged zero-knowledge proof (ZKP)* which allows transaction costs to be reduced and large increases in throughput.
*Cryptographic technology that allows information to be verified without revealing the information itself
It is understood that the construction of the zkEVM network aimed at participating in Web3 games has been successfully implemented when MATIC signed an agreement with Immutable to further develop the digital asset ecosystem.
The innovation has been the reason why the number of MATIC users has been increasing in recent times.
In addition, the usage of the MATIC network has also seen a significant climb since March 10 right after its price saw a downward movement between January 21 and February 19, commented prominent crypto analyst Ali on Twitter.
He added that the price of MATIC, if observed carefully, has been increasing little by little when the network of digital assets shows a downward trend and he expects it to jump higher in the near future.
As of this writing, MATIC price slipped by 1.96% to $1.10 in the last 24 hours with a market capitalization of $7 billion while also recorded a decrease of around 3.78% over the last week.
