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Polygon Ecosystem Token Price Prediction 2024: Can POL Gain Traction?

Last Updated March 22, 2024 11:45 AM
Peter Henn
Last Updated March 22, 2024 11:45 AM

Key Takeaways

  • POL came out in the autumn of 2023.
  • The token is still considerably smaller than MATIC.
  • What’s next for the Polygon Ecosystem Token?
  • One Polygon Ecosystem Token price prediction says POL can reach $2.51 in 2025. 

The Polygon Ecosystem Token came out in the autumn of 2023. The crypto was designed to support recent upgrades to Polygon. However, the original Polygon coin, MATIC, is still popular with crypto investors. POL will need to show that it can take over from the better-known coin. 

Polygon did not immediately respond to a request for comment.

On March 22, 2024, POL was worth about $1.

But what is Polygon Ecosystem Token (POL)? How does Polygon Ecosystem Token work? Let’s see what we can find out, and also take a look at some of the Polygon Ecosystem Token Price Predictions that were being made as of March 22, 2024.

Polygon Ecosystem Token Price Prediction

Let’s examine some of the Polygon Ecosystem Token price predictions being made on March 22, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $2.06 $2.51 $7.35
Prediction #2 $1.41 $2.08 $13.62
Prediction #3 $1.26 $1.81 $11.52

First, CoinCodex  had a short-term Polygon Ecosystem Token price prediction that said the crypto would rise to about $1.10 by March 27 before rocketing to $2.79 by April 21. The site’s technical analysis was neutral, with 11 indicators sending bullish signals and six making bearish ones. 

Polygon Ecosystem Token Price Prediction for 2024

DigitalCoinPrice  said that the Polygon Ecosystem Token would reach $2.06 this year, while PricePrediction.net  thought it would get to $1.41 then. Changelly said POL would be worth $1.26 in 2024.

Polygon Ecosystem Token Price Prediction for 2025

Moving on, DigitalCoinPrice’s Polygon Ecosystem Token price forecast said it would trade at $2.51 in 2025. PricePrediction.net said it would be worth $2.08 then. Changelly thought POL would stand at $1.81 next year. 

Polygon Ecosystem Token Price Prediction for 2030

Looking at a more long-term Polygon Ecosystem Token price prediction, DigitalCoinPrice said it would be worth $7.35 in 2030. PricePrediction.net said it would trade at $13.62 that year. Changelly’s POL price prediction said it would get to $11.52 at the start of the next decade. 

Google BardAI Price Prediction for Polygon Ecosystem Token (as of March 22)

Google’s BardAI platform gave the following price prediction for Polygon Ecosystem Token on March 22. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 Months):

  • Price Range: $0.80 – $1.50
  • Reasoning: The crypto market can be volatile, and POL’s price could fluctuate within this range. News and developments on the Polygon network, as well as broader market trends like Bitcoin’s performance, will influence POL’s price.

Medium Term (Next 12 Months):

  • Price Range: $1 – $2.50
  • Reasoning: If the Polygon network continues to gain traction with developers and users, with more decentralized applications (dApps) built on its platform, POL could see increased demand as the token fuels transactions and governance. However, competition in the blockchain space is fierce, so POL’s price will depend on its ability to stand out.

Long Term (Next 5+ Years):

  • Price Range: $3 – $10+ (Highly speculative)
  • Reasoning: Long-term predictions are inherently uncertain. If blockchain technology achieves widespread adoption and Polygon remains a major player, POL’s value could significantly increase. However, regulations, technological advancements, and unforeseen events could significantly impact the price.

It added: These are just predictions, and the actual price could be much higher or lower. It’s important to do your own research before making any investment decisions.

Recent Updates from Polygon Ecosystem Token

On March 13, 2024, POL reached an all-time high of $1.29.

POL Price History

Now, let’s examine the, admittedly short,  Polygon Ecosystem Token price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Polygon Ecosystem Token price prediction.

Polygon Ecosystem Token Price History
POL reached an all-time high in March 2024 | Credit: CoinMarketCap

When the Polygon Ecosystem Token came onto the open market in late October 2023, it was worth about $0.65. After it fell to an all-time low of $0.6204 on November 1, a buoyant market helped boost the crypto’s price, and it went on an upturn. This culminated in an all-time high of $0.9843 on November 14.

It then entered a bearish phase, bottoming out at $0.72 on November 27. Since then, it has made a modest, but nonetheless real, recovery. On December 7 2023, it was worth about $0.8395, before it went up to close the year at $0.9876. On March 13, 2024, POL hit an all-time high of $1.29 before it fell to stand at $1 on March 22.

At that time, there were 115.2 million POL in circulation out of a total supply of just over 10 billion. This gave the token a market cap of about $116.4 million, making it the 434th-largest crypto by that metric. 

Polygon Ecosystem Token Price Analysis

Polygon Ecosystem Token Price Analysis
POL could reach $2.

POL started trading in November 2023, and immediately started a major uptrend. The price reached $1.30 at its highest point on March 14. 

A downturn followed to a low of $0.92 on March 21, a retest of its ascending support. On March 22, it recovered to $1. 

Our next target is $1.40, the third interaction with ascending resistance. POL should enter its first corrective stage after this and could, potentially, fall to around $0.90. 

If this happens, POL could be making a setup for more impulsive upside movement, leading to a new high above $2 in 2024.

Is Polygon Ecosystem Token a Good Investment?

It is perhaps a little too early to tell right now. Although crypto investors can, sometimes, be thrilled by a new product, they can also be creatures of habit. Therefore, it is not that much of a surprise that MATIC is still in the top 20 cryptocurrencies by market cap and POL is barely in the top 500.

A lot will depend on both whether Polygon can persuade investors to take an interest in their new token and how the market behaves as a whole. 

Furthermore, investors may be a bit put out by the lack of official technical documentation, or whitepaper, explaining what POL is and what it does. MATIC does, however, have a whitepaper.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in POL.

Will Polygon Ecosystem Token go up or down?

No one can really tell right now. While the Polygon Ecosystem Token crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Polygon Ecosystem Token?

Before you decide whether or not to invest in Polygon Ecosystem Token, you will have to do your own research, not only on POL, but on other coins and tokens such as Optimism (OP). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who Are the Founders of Polygon Ecosystem Token?

Indian Ethereum (ETH) developers Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun and Serbian tech expert Mihailo Bjelic founded Polygon in 2017. POL itself only came out in late 2023.  

Who Owns the Most Polygon Ecosystem Tokens?

On March 22 2024, one wallet held nearly 99% of the supply of POL.

Richest POL Wallet Addresses

As of March 22 2024, the five wallets with the most POL were:

  • 0x29e7df7b6a1b2b07b731457f499e1696c60e2c4e. This wallet held 9,998,656,894 POL, or 98.86% of the supply.
  • 0x2ff25495d77f380d5f65b95f103181ae8b1cf898. This wallet held 37,973,831 POL, or 0.38% of the supply.
  • 0x2a3dd3eb832af982ec71669e178424b10dca2ede. This wallet, listed as Polygon (Matic): zkEVM Bridge, held 30,000,206 POL, or 0.3% of the supply.
  • 0xc04e338a44c1f8b085161123151554d9a7eaadad. This wallet held 14,653,746 POL, or 0.14% of the supply.
  • 0x05a47d9f589a001c15e38d068dcc5dae6d96a2eb. This wallet held 7,500,030 POL, or 0.07% of the supply.

Fact Box

Supply and Distribution Figures
Total supply
10,113,921,492
Circulating Supply as of March 22 2024 115,285,280 (1.13% of total supply)
Holder distribution Top 10 Holders own 99.96% of total supply (as of March 22 2024)

 

From the Whitepaper

Although POL does not have its own technical documentation, or whitepaper , Polygon, which was then known as the Matic Network, does. It says that, while people are interested in blockchain technology, many platforms slow down when they get busy, thus costing people time and money.

Although some blockchains offer solutions, they do so without supporting decentralized applications (dApps), according to the documentation.

The whitepaper says: “Matic Network strives to solve the scalability and usability issues, while not compromising on decentralization and leveraging the existing developer community and ecosystem.”

Polygon Ecosystem Token (POL) Explained

The Polygon platform, originally called Matic, allows different blockchains to link up with each other. Polygon can be seen as a kind of enhanced layer 2 scaling solution with a cross-chain facility. 

Sidechains linked to the main Polygon blockchain are powered by the POL token.

 

How Polygon Ecosystem Token Works

Polygon is a main blockchain with side chains running off it. It can also link to other blockchains. 

POL is used to reward people who validate transactions throughout the Polygon ecosystem. People can also buy, sell, and trade it on exchanges. 

Polygon Ecosystem Token Attention Tracker

Polygon Ecosysten Token Google Search Volume
Polygon Ecosysten Token Google search volume | Credit: Google

Here is a chart for the Polygon Ecosysten Token Google search volume for the past 90 days. This represents how many times the term “Bitcoin” has been Googled over the previous 90 days.

FAQs 

How many Polygon Ecosystem Tokens are there?

On March 22, 2024, there were 115.2 million POL in circulation out of a total supply of just over 10 billion.

Will the Polygon Ecosystem Token reach $10?

If it does, it won’t be for quite some time. PricePrediction.net and Changelly say it can trade at $10 in 2030, while DigitalCoinPrice thinks it can reach double figures in 2031.

What is the Polygon Ecosystem Token used for?

POL pays for transactions in the Polygon blockchain ecosystem. People can also buy, sell, and trade it on exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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