Polygon Token Price Sees Uptick Amid Stablecoin Surge and DeFi Growth

Polygon's native token has seen a recent increase in value, rising by 5.5% as the global crypto markets recover from a decline. This uptick is attributed to a surge in stablecoin supply on the network, which has reached a record high of $3.26 billion, and a significant jump in DeFi app revenue, exceeding $1.37 million.

The current price of Polygon's token remains below its all-time high of $1, but it is nearing the $0.1179 barrier, which could be a key level to watch for potential breakthroughs. If the token successfully breaks through this ceiling with strong trading volume, it may lead to further gains.

The growth in stablecoin supply on the Polygon network and the increase in DeFi app revenue are contributing factors to this positive trend. The value of transactions processed by the network has also seen a significant increase, with an average rate exceeding $170K per day and total fees surpassing $8 million since the start of the year.