Elon Musk, Jack Dorsey Dismiss Web 3.0 But Is It The Force Taking Polygon (MATIC) To New Heights Right Now?

Polygon MATIC/USD traded 7.2% higher over 24 hours leading up to Tuesday night.

What’s Moving? The Layer 2 Ethereum ETH/USD scaling platform’s token has shot up 28.84% over a seven-day trailing period.

MATIC traded 2.9% and 3.1% higher against Bitcoin BTC/USD and ETH respectively over 24 hours. Trading volume for MATIC rose 51.6% over 24 hours to $2.8 billion.

Over the last 30 days, the token has risen 38.9%, while in a 90-day period it is up 103.9%.

Since the year began, MATIC has risen 12654.82%. It touched an all-time high of $2.68 in May this year.

Why Is It Moving? MATIC traded higher alongside other major coins at press time as the global cryptocurrency market cap increased 4% to $2.3 trillion.

The token was not among the most mentioned coins on Twitter at press time, as per Cointrendz data, but attracted high interest from retail traders on StockTwits.

MATIC also trended on price cryptocurrency data aggregators CoinGecko and CoinMarketCap at press time.

On Tuesday, Polygon said it was joining forces with blockchain developer platform Alchemy and the Web 3 community to launch Web3 University.

#Polygon is joining forces with @AlchemyPlatform and the #WEB3 community to launch @Web3University for the buidlers with curated resources on creating smart contracts, #NFTs and #DeFi products.

Get started today at https://t.co/qBIsovUGkv

Stay tuned for more! #PaintItPurple https://t.co/9pPLFWuaXw
— Polygon | $MATIC - We're hiring! (@0xPolygon) December 21, 2021

Polygon’s announcement comes at a time when there is increased criticism and mocking of the supposed next iteration of the internet which would be underpinned by the blockchain.

On Tuesday, Tesla Inc TSLA CEO Elon Musk took a dig at Web3 by saying it was nowhere to be found. Musk’s cheeky dig got witty responses from Dogecoin DOGE/USD co-creator Billy Markus and Twitter Inc TWTR co-founder Jack Dorsey.