MATIC bulls mishandled the market panic that turned the correction phase into a sharp decline. Latest Market data shows that MATIC has been hit hard, with its value down 33% since last week. The hostile market environment and Macroeconomic concerns These problems continue to undermine the broader financial world.
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The cryptocurrency market was not spared from this. The entire market was affected. consumer Bitcoin has dropped by around 17% in the past 24 hours, indicating a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments are ongoing that could slow the downward wave, but it will take some time before the price returns to realistic levels.
More developments
Polygon’s standing continues to grow as it marks several developments that improve the user experience on the platform. Messari, an independent cryptocurrency research platform, recently launched released Its report, which provides an overview of the Polygon ecosystem.
In short, the report points to several developments in the platform that took place during the second quarter of the year. First, the community reached a consensus on upgrades that will positively impact the network’s usability and performance. One of these upgrades will be the switch from MATIC to POL, which represents The decision It will happen on September 4th.
To attract developers to Polygon, the platform created a $1 billion Community Grant Program (CGP) to financially support developers and builders of Polygon. According to a report in June, Blog postThe first season of CGP will feature a MATIC pool of $35 million, which is roughly $12.9 million USD at today’s prices.
Uniswap also launched its Uniswap v3 campaign on Polygon with another $250,000 bounty on Oku, a cryptocurrency exchange. This will boost investor confidence in the platform as it shows that despite hostile market conditions, Polygon remains a major player in the DeFi space.
This is evident from the current metrics that the platform is working on. Data It shows an increase in active addresses and transactions over the past 24 hours, which is a great indicator of growth activity if there is no bearish atmosphere surrounding the market.
DevilamaOn the other hand, the other side of the coin is emerging with massive outflows on all chains under the Polygon ecosystem.
Matic: Are investors facing more pain?
As the painful market decline continues, investors are preparing to dump their MATIC holdings. Recently Market data shows that investors are heading to the stock exchanges to sell rather than hold and ride the bearish wave.
This can be seen in the MATIC price which continues to test the $0.339 support level.
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The overreaction of the market due to cascading concerns within the broader financial spectrum continues to threaten any future upside move. As of this moment, the MATIC index has fallen to March 2021 levels, a new low after the early 2024 rallies led by major cryptocurrencies like Bitcoin and Ethereum.
Investors and traders should evaluate their positions to stay in the green zone. If possible, they can try to take advantage of the situation by short selling the token.
Featured image by Pexels, chart by TradingView
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