Burn, MATIC, Burn! (2024)

FAQs

Is Matic being burned? ›

The much-anticipated EIP-1559 upgrade is finally here and Polygon's native token MATIC is now being burned. We have created an interactive dashboard where users can monitor and take part in the process.

MATIC price is flashing a bearish signal, and investors react to it rather strongly. This is evident from the substantial drop in network growth. This indicator measures the rate at which new addresses are formed on the network, indicating the overall traction of the project among investors.

Most of the time, it's the developers of a cryptocurrency who decide to burn a certain amount. Coin burning reduces the supply, making tokens of that cryptocurrency scarcer. That scarcity can lead to an increase in price and benefit investors.

Polygon (MATIC) Price Prediction - Industry Expert Opinion

Coincodex.com platform predicts MATIC could reach $ 1.79 to $ 4.24 by 2030, and experts from Changelly predict it could reach minimum and maximum prices of $10.28 and $12.56 by the end of 2030.

There is no evidence yet that burning cryptocurrency tokens automatically increases the value of that specific cryptocurrency. It decreases supply, theoretically increasing demand—which is actually investor and user beliefs and sentiments about how the markets will react to a decrease in supply.

Solana implements an ongoing token-burning mechanism, where 50% of each transaction fee is burned. On a technical level, this means that half of the tokens used to pay for each transaction on the network are sent to a burn address, effectively removing them from the total circulating supply.

The Shiba Inu burn rate mechanism is designed to gradually reduce the circulating supply of SHIB tokens over time. The development team periodically sends a portion of the tokens to the burn address, effectively removing them from circulation.

2030 could be the year when Polygon trades at more than $50 for the first time according to a Matic price prediction given by Trading Education experts. The experts explain that the coin may trade between $43.68 and $54.85 per coin. It will therefore manage an average price of $50.45 by the end of the year.

Dogecoin ($DOGE)

The current market cap of Dogecoin is approximately $26.32 billion, with a trading price of around $0.1833. Should Dogecoin achieve the $1 value, its market cap would soar to $144.6 billion, positioning it as the third-largest cryptocurrency, just behind Bitcoin and Ethereum.

Where will Matic be in 5 years? ›

According to WalletInvestor, the average price of one matic coin will be 3.29 USD in 2022. In five years, polygon coin is anticipated to be worth 11.37 USD. The figure indicates that MATIC coin can be a beneficial long-term investment. Polygon MATIC will trade at around 1.9 USD in early 2023.

Also known as burning tokens, this is irreversible and typically achieved by sending the coins to a public wallet address where they cannot be retrieved or spent. Once coins are sent to this 'burn address', they are effectively rendered unusable, thus reducing the total supply of the cryptocurrency.

Shiba Inu, a popular dog-themed meme coin, has witnessed a remarkable 4,000% increase in its burn rate, with nearly 81 million coins destroyed recently. This significant move has contributed to a bullish sentiment in SHIB's market performance, as the coin traded positively today.

On February 22, 2024, the vesting contract released a final cache of 273 million MATIC to the Polygon Foundation. This significant event marks the completion of the token unlocking phase and sets the stage for MATIC to potentially become a deflationary cryptocurrency.

MATIC currently has a circulating supply of 4,877,830,774 MATIC tokens and a max supply of 10,000,000,000 MATIC tokens.

Conclusion. Polygon (MATIC) has serious potential. It tackles Ethereum's bottlenecks and supports a thriving world of dApps, NFTs, and games. Polygon's strengths make it an exciting and popular crypto to invest in and trade.