MATIC Jumps 21% In Response To Staking Announcement On Testnet

The Matic Network (MATIC) jumped 21% yesterday as the community rallied around in response to news of staking on the network’s testnet.

For most of last year, Matic performed quite well and was on a steady rise. This rise eventually dropped in December 2019, when it lost about half of its price. This happened shortly after about 2.5% of the total Matic supply, roughly 248 million tokens, was unlocked. Stories filled the crypto grapevine that the Matic Foundation planned to burn 15%, which was supposedly the beginning of the company’s plan to exit the market.

Matic has finally overcome that as it has it offers staking on its testnet. The announcement pushed a 22% increase on Matic, pushing it to 240 Satoshis. At the time of writing this, Matic is trading at $0.020861.

Matic’s fourth token sale was announced in April last year, to take place on the Binance Launchpad platform. It was announced that Binance will sell 1.9 billion tokens which at the time, was 19% of the total supply.

Recently, crypto trading and gaming platform Hxro, revealed that it will integrate Matic with its platform. The announcement means that thousands of members of Matic’s community will now have access to Hxro. People already on the Hxro platform will also be able to use Matic to exchange ETH and ERC-20 tokens.

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