Polygon (CCC:MATIC-USD) is one of the year’s bigger crypto winners. With an emphasis on transaction speed, gas fees and energy consumption, the MATIC token is one of the most appealing plays. Recently, the crypto is getting some big help from billionaire Mark Cuban, who is evidently a huge fan of the altcoin. Is Cuban’s recent blog post touting the “brilliant” MATIC token enough to budge Polygon (MATIC) price predictions?
We learned Cuban is an investor in Polygon in May. Along with simply adding the crypto to his portfolio, he is making it known that he’s an avid user of Polygon, saying he finds himself “using it more and more.”
Since he unveiled his stake in the cryptocurrency, Cuban is being more and more vocal about his support. This week, Cuban discussed the “brilliant” applications of Polygon in his personal blog.
The entrepreneur broke down the application of Polygon and other layer 2 blockchain scales in the post. He praised the concept of validators with proof-of-stake networks for providing the underlying support necessary to run a blockchain in exchange for rewards.
He also discussed the staking capabilities of MATIC, calling staking a “symbiotic relationship that also helps secure the network.” Lastly, he said Polygon created a low-cost token that would have needed millions in fundraising dollars to construct in a centralized manner.
Polygon (MATIC) Price Predictions: Can Cuban Lift MATIC?
Cuban is obviously one of Polygon’s biggest fans. And as a celebrity investor, he has a lot of sway, especially in the adolescent world of crypto. Is his fawning over MATIC enough to lift the token? Let’s take a look at what analysts predict:
- FXStreet, speaking on the short term prospects of MATIC, is calling the token’s upside potential “limited.”
- In the long term, many outlets are very bullish. DigitalCoinPrice thinks MATIC can finish out 2021 with a value of $2.26, a growth of over 70 cents from its current value.
- WalletInvestor predicts the token to reach values as high as $7.72 by June 2022.
- Gov Capital’s June 2022 prediction pegs MATIC for a price of $9.39.
- The more bearish Economy Forecast Agency doesn’t see MATIC overcoming its short-term woes any time soon. The outlet is predicting the token to only briefly eclipse $2 through this year and the next.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.