MATIC Surges After Polygon Partners With Starbucks

MATIC price has started increasing in price from $0.89 to $0.925.
The price surge happened after Polygon announced its partnership with Starbucks.
The Starbucks Odyssey will enable collectors to obtain digital collectible stamps via NFTs.

Polygon (MATIC) price has started a convincing ascent after the blockchain network revealed its partnership with premier coffee company Starbucks. As part of the collaboration, Polygon will assist Starbucks in the creation of its Web3 project named ‘Starbucks Odyssey’.

According to the announcement, the endeavor will enable Starbucks to enable employees and members of its loyalty reward program to earn or buy digital collectible stamps. Specifically, these digital stamps will come in the form of non-fungible tokens (NFTs).

The partnership also mentioned that the Starbucks Odyssey will launch possibly before the end of 2022. However, customers interested in the experience can already sign up to get waitlisted once the project has launched.

One hour after the announcement, MATIC price shot up convincingly. In fact, earlier today, MATIC price was struggling to capture the $0.90 territory. However, since Polygon has announced the partnership, MATIC price has increased up to $0.92 with little resistance. At the time of writing, MATIC price is at $0.925, according to CoinGecko.

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MATIC/USDT 2-hour chart (source: TradingView)

As seen on the chart above, MATIC price has started climbing since 10 hours ago. However, the trading volume only increased astronomically after Polygon announced the partnership. On Binance, MATIC price even reached as high as $0.935 today. Also, the Relative Strength Index (RSI) at 58 shows that MATIC is not yet overbought.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.