Polygon’s POL Token Surges 15% Following Binance Listing

Polygon’s POL Token Sees Significant Surge Following Binance Listing

In an exciting development for the cryptocurrency market, Polygon’s native token, POL, experienced a remarkable 15% surge on Friday. This price jump came after the leading crypto exchange, Binance, announced the addition of both spot and perpetual contract trading for POL on its platforms. This move marks a significant milestone, as it completes the token’s upgrade and rebranding from its previous iteration, MATIC.

POL’s price soared to nearly $0.45, climbing from around $0.38 earlier in the day, reaching its highest point since late August. Although it has seen some retracement in gains recently, the token remains up 15% over the past 24 hours, significantly outperforming Bitcoin (BTC), which has remained relatively flat during the same period. Notably, POL emerged as the top-performing asset within the broader CoinDesk 20 Index.

Last week, Polygon unveiled the upgraded version of its network token, POL, transitioning from the long-standing MATIC. This transition not only brought about a new name but also introduced a revised tokenomics model, featuring an annual token emission rate of 2%. These changes are expected to have a positive impact on the token’s long-term viability.

The new ticker, POL, may also carry psychological advantages, providing traders with a fresh chart for technical analysis. This could be a driving factor behind Friday’s impressive price movement. Crypto analyst DeFiyst commented, “The complete migration from MATIC to POL had already taken place, but the new charts are significantly more impactful. This is the first successful major token migration we’ve witnessed in some time, and I anticipate other projects will follow suit.”

UPDATE (Sep. 13, 14:52 UTC): This report adds that Binance has officially listed spot and perpetual contracts for POL as of Friday.