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Can Polygon [MATIC] reclaim the $1 mark this week

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ambcrypto.com

One of the major participants of the crypto industry on the investment and DeFi front, Polygon has been observing phenomenal growth over the past couple of weeks.This growth is not on the path of further extension as the changing dynamics of the network will bear an impact on the altcoin.On 2 August, the co-founder of Polygon, Sandeep Nailwal, tweeted the confirmation of the unlocks of 1.4 billion MATIC tokens worth over $1.26 billion.These tokens, which represent about 14% of the entire supply of MATIC, were released from the vesting contract.Of this 1.4 billion MATIC, 640 million MATIC were claimed by the co-founders, which they have committed to staking into the network.

The unlocks, which took place last August and this April, were the last of the planned unlocks for the team.Another 546 million MATIC tokens were also unlocked, but these tokens will be held by the Polygon Foundation and will be joined by another 273 million MATIC tokens, which are set to unlock in October 2022.MATIC unlocking scheduleThe interesting aspect about this is that these unlocks won’t really affect the price action in any way since these tokens have not hit the market.

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