Polygon (MATIC) has been one of the top performers in the crypto space in the last few weeks. The Ethereum scaling solution is becoming increasingly popular in the developer community and now the billionaire star investor Mark Cuban has announced his investment in the project.
According to the Website of the Mark Cuban Companies, Polygon has recently been included in the portfolio of the US star investor.
The addition of Polygon to the company’s portfolio appears to have only recently occurred and shows that institutional investors continue to invest in the crypto space despite the crash.
Cuban is a startup investor, owner of the NBA team Dallas Mavericks and one of the most important “Shark” investors in the reality TV show Shark Tank. Forbes estimates Cuban currently has net worth in excess of $ 4.4 billion.
The American was once a polarizing person in the crypto world, but that has now changed. Since last year, Cuban has grown into a vocal supporter of digital assets. Recently, when Elon Musk decided to stop accepting Bitcoin (BTC) due to environmental concerns, Cuban opposed it. He saidthat his Dallas Mavericks would continue to accept digital currency as a means of payment, knowing that Bitcoin could help the environment in the long term.
That Mark Cuban is now using the Ethereum scaling solution Polygon is hardly surprising. The star investor has already made positive comments about Decentralized Finance (DeFi) in the past. According to his own information, he even holds some tokens from the two DeFi projects Aave (AAVE) and SushiSwap (SUSHI). Exactly these two projects were also among the best-known DeFi projects that have already integrated Polygon’s scaling solution into their protocols. Both projects are therefore significantly involved in the fact that Polygon has grown so much in the last few weeks. From Aave alone there are over $ 6.6 billion on the sidechain of Polygon. In addition, SushiSwap was able to use $ 750 million bring liquidity to Polygon.
MATIC now has a market capitalization of almost 14 billion US dollars, the cryptocurrency has risen by over 12,000 percent since the beginning of the year, and the price has increased by around 48 percent in the last 24 hours alone.
Bullish signal on the futures markets
But not only Mark Cuban makes the hearts of all MATIC owners beat faster, the futures markets also give hope.
In the past few days, negative financing rates in the futures markets have put pressure on short sellers. Several times there were phases in which short sellers would have had to pay just under 4.3 percent per week to maintain their short bets. Many of them have come under pressure from the recent price surge as their trades have become too costly. Today at the latest, some of the short sellers had to close their positions and buy back MATIC at higher prices. It is very likely that this circumstance led, among other things, to the fact that MATIC was able to increase so strongly in the last 24 hours.