Altcoin
From WAX to MATIC: is it time to trade?
Decentralization has led to the emergence of hundreds of new altcoins, NFTs, and stablecoins with diverse use cases. Among these new cryptocurrencies are WAX and MATIC, two tradable tokens that are a must for anyone wanting to invest in blockchain.
In this article, we highlight the importance of both tokens in the cryptocurrency market. We’ll delve into the current market analysis to help you decide if now is the right time to do so exchange WAX for MATIC or whether it is better to keep your WAX in 2024.
Overview of WAX and MATIC
Both WAX and MATIC have played a huge role in increasing cryptocurrency adoption over the past five years. MATIC has helped ease pressure on Ethereum’s main chain by hosting others on a parallel blockchain that allows for fast transactions and low gas fees. On the other hand, WAX has revolutionized the online gaming industry by allowing participants to easily create and sell collectibles without the need for intermediaries.
MATIC
MATIC is the gas token that helps manage the Polygon blockchain. Polygon is a layer 2 platform launched on Ethereum in 2017 as Matic Network, rebranded to Polygon in 2021.
Polygon is considered a Swiss army knife for Ethereum’s scaling issues. The network offers EVM compatibility which increases network scalability and transaction speed. Polygon uses a Proof-of-Stake (PoS) mechanism made possible by MATIC. The token can be used to stake Polygon and interact with all other popular crypto blockchains that were previously only accessible via the main Ethereum blockchain.
MATIC can be used to help developers create dapps in the Polygon ecosystem. It is also used in Polygon governance.
THERE WAS
Worldwide Asset Exchange (WAX) is a gaming-focused layer 1 blockchain with a native token called WAX. The platform was launched in 2015 by QPSkins as a centralized marketplace for trading weapons and skins from online games. With WAX smart contracts, players can now create virtual goods and sell them securely and transparently without the need for traditional cross-border payment systems.
The project recently made headlines after signing a deal with Amazon Web Services (AWS) that would allow its developers to deploy nodes across Amazon’s managed blockchain services. This is one of the ever-evolving use cases for WAX.
Analysis of the current market
Both WAX and MATIC have recently shown a very low risk score, which makes them deal investments for anyone looking to invest in altcoins. WAX is currently trading at $0.1, which is a 54% price increase from last month when it was trading at $0.06. The market capitalization of the token is approximately $350 million. Recent partnerships with big tech players like Amazon and an increased focus on NFTs have contributed to WAX adoption in recent months.
Currently, MATIC is trading at $1, a 3% price decrease from the last month, when it was trading at $1.05. MATIC’s current market capitalization is slightly above $10 billion. Polygon has made groundbreaking partnerships with gaming platforms like Atari and NFT marketplaces, including Decentral, and all look to be powered by Polygon’s MATIC.
Price forecast: MATIC
Although it currently trades at an average of $1.00, experts predict that MATIC will double in value in 2025 before reaching $3.48 by 2026, making it a good long-term investment.
Price forecasts show that the value of MATIC will reach double digits in late 2029 at $10.60 before averaging $13.01 in 2030. The trend is similar to what is illustrated in IOTA Price Predictions where a constant increase in prices is expected until 2030.
Price Prediction: WAX
According to price forecasts, WAX’s current price of $0.1 is likely to rise to $0.2648 by early 2025 before averaging $0.33 in 2026. Furthermore, technical analysis shows that WAX will return to above $1.00 in 2029.
WAX to MATIC: Is it time to trade?
WAX is revolutionizing online gaming and in-app purchases while MATIC is bringing scalability to Ethereum and enabling NFT trading and game development. That said, price forecasts show that both WAX and MATIC prices are on a long-term upward trajectory. However, MATIC tries to maintain a higher price than WAX.
If you are looking to trade the pair for short-term profits, it is advisable to analyze the daily price movements of each token before deciding to sell your WAX for MATIC or vice versa.
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