MATIC price rallies in double-digits as Polygon network responds to the SEC’s allegations
- Polygon network responded to US financial regulator Securities & Exchange Commission’s litigation.
- The upcoming tech announcements and recent partnerships of the Layer 2 protocol fuel a bullish thesis for MATIC price recovery.
- MATIC price yielded 10% gains since Saturday, climbing above $0.6261.
The Polygon network is the largest Ethereum Layer 2 scaling solution in the crypto ecosystem. In its lawsuit against Binance and Coinbase, the US Securities & Exchange Commission (SEC) labeled MATIC as a security.
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MATIC wipes out losses with price rally
MATIC, the native token of Ethereum’s Layer 2 scaling solution recovered from its losses over the past week. The token yielded double-digit gains for holders, climbing past the $0.6261 level at the time of writing.
The Polygon network responded to the US SEC’s labeling of MATIC as a security. The Ethereum scaling solution highlighted that the development and deployment of the project was done outside the US. MATIC is focused on network security and did not target US-based users at any point in time of its development.
We are proud of the history of the Polygon network – developed outside the US, deployed outside the US, and focused to this day on the global community that supports the network. MATIC was a necessary part of the Polygon technology from Day 1, ensuring that the network would be…
— Polygon (Labs) (@0xPolygonLabs) June 10, 2023
Polygon considers the non-US market as the larger one in terms of adoption and utility of its token and the team is confident that the upcoming tech announcements will catalyze a recovery in the token.
MATIC price noted double-digit gains, beginning recovery
MATIC price yielded 30.6% losses over the past week, in response to the SEC labeling the asset as a security. The Polygon network team addressed the SEC’s allegations and offered a clarification in a tweet. This catalyzed a recovery in the asset.
MATIC price climbed from $0.5697 on Saturday to $0.6321, at the time of writing. The altcoin rallied nearly 10% overnight, recovering from its week-long slump.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
