{"id":633132,"date":"2024-08-05T10:10:37","date_gmt":"2024-08-05T10:10:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=633132"},"modified":"2024-08-05T09:32:30","modified_gmt":"2024-08-05T09:32:30","slug":"matic-market-nosedive-leads-to-30-wipe-in-value","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/matic-market-nosedive-leads-to-30-wipe-in-value\/","title":{"rendered":"MATIC: Market Nosedive Leads To 30% Wipe In Value"},"content":{"rendered":"

MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. The <\/span>latest<\/span><\/a> market data shows MATIC took a beating with a 33% wipe in value since last week. Hostile market environment and <\/span>macroeconomic fears<\/span><\/a> continue to plague the broader financial world.<\/span><\/p>\n

Related Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up<\/a><\/div>\n

The crypto market was not spared. The whole market <\/span>depreciated<\/span><\/a> by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow the bearish wave, but it will take time before the price mediates back to realistic levels.\u00a0<\/span><\/p>\n

\"\"
MATIC price down in the last 24 hours. Source: Coingecko<\/a><\/figcaption><\/figure>\n

More Developments<\/strong><\/h2>\n

Polygon\u2019s position continues to solidify as it marks several developments that improve user experience on the platform. Messari, an independent crypto research platform, recently <\/span>released<\/span><\/a> its report, providing an overview of the Polygon ecosystem.<\/span><\/p>\n

In summary, the report notes several developments in the platform that occurred within the 2nd quarter of the year. Primarily, the community has reached a consensus on upgrades that will positively affect the network\u2019s usability and performance. One of these will be the switch from MATIC to POL, which is <\/span>scheduled<\/span><\/a> to occur on September 4th.\u00a0<\/span><\/p>\n

MATIC market cap currently at $3.6 billion. Chart: TradingView<\/a><\/figcaption><\/figure>\n

To attract devs to Polygon, the platform created a $1 billion Community Grants Program (CGP), supporting devs and builders of Polygon financially. According to a June <\/span>blogpost<\/span><\/a>, Season 1 of the CGP will feature a 35 million MATIC pool which is roughly equivalent to $12.9 million using today\u2019s prices.\u00a0<\/span><\/p>\n

Uniswap has also launched its Uniswap v3 campaign on Polygon with other $250k in rewards on Oku, a crypto trading platform. 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.\u00a0<\/span><\/p>\n

This is seen in the current metrics the platform is running on. Nansen\u2019s <\/span>data<\/span><\/a> shows an increase in active addresses and transactions in the past 24 hours, a great indicator of growth activity if it wasn\u2019t for the air of bearishness surrounding the market. <\/span><\/p>\n

\"\"
Source: Nansen<\/a><\/figcaption><\/figure>\n

DefiLlama<\/span><\/a>, on the other hand, shows the other side of the coin with major outflows on all chains under the Polygon ecosystem.\u00a0<\/span><\/p>\n

MATIC: More Pain On The Way For Investors?<\/strong><\/h2>\n

As the market continues its painful descent, investors are poised to let go of their MATIC holdings. <\/span>Recent<\/span><\/a> market data shows that investors are rushing to exchanges to sell rather than hold and ride the bearish wave.\u00a0<\/span><\/p>\n

This can be seen in MATIC\u2019s price which continues to test the $0.339 support level.<\/span><\/p>\n

Related Reading: Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328<\/a><\/div>\n

The market overreaction caused by cascading fears within the broader financial spectrum remains to threaten any future bullish action. As of the moment, MATIC is down to March 2021 levels, a new low after 2024\u2019s early bull runs led by major cryptocurrencies like Bitcoin and Ethereum.<\/span><\/p>\n

Investors and traders should evaluate their positions to remain in the green. If possible, they can try to take advantage of the situation by shorting the token.\u00a0<\/span><\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. The latest market data shows MATIC took a beating with a 33% wipe in value since last week. Hostile market environment and macroeconomic fears continue to plague the broader financial world. Related Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up The crypto market was not spared. The whole market depreciated by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow the bearish wave, but it will take time before the price mediates back to realistic levels.\u00a0 More Developments Polygon\u2019s position continues to solidify as it marks several developments that improve user experience on the platform. Messari, an independent crypto research platform, recently released its report, providing an overview of the Polygon ecosystem. In summary, the report notes several developments in the platform that occurred within the 2nd quarter of the year. Primarily, the community has reached a consensus on upgrades that will positively affect the network\u2019s usability and performance. One of these will be the switch from MATIC to POL, which is scheduled to occur on September 4th.\u00a0 To attract devs to Polygon, the platform created a $1 billion Community Grants Program (CGP), supporting devs and builders of Polygon financially. According to a June blogpost, Season 1 of the CGP will feature a 35 million MATIC pool which is roughly equivalent to $12.9 million using today\u2019s prices.\u00a0 Uniswap has also launched its Uniswap v3 campaign on Polygon with other $250k in rewards on Oku, a crypto trading platform. 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.\u00a0 This is seen in the current metrics the platform is running on. Nansen\u2019s data shows an increase in active addresses and transactions in the past 24 hours, a great indicator of growth activity if it wasn\u2019t for the air of bearishness surrounding the market. DefiLlama, on the other hand, shows the other side of the coin with major outflows on all chains under the Polygon ecosystem.\u00a0 MATIC: More Pain On The Way For Investors? As the market continues its painful descent, investors are poised to let go of their MATIC holdings. Recent market data shows that investors are rushing to exchanges to sell rather than hold and ride the bearish wave.\u00a0 This can be seen in MATIC\u2019s price which continues to test the $0.339 support level. Related Reading: Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328 The market overreaction caused by cascading fears within the broader financial spectrum remains to threaten any future bullish action. As of the moment, MATIC is down to March 2021 levels, a new low after 2024\u2019s early bull runs led by major cryptocurrencies like Bitcoin and Ethereum. Investors and traders should evaluate their positions to remain in the green. If possible, they can try to take advantage of the situation by shorting the token.\u00a0 Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":633154,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,40670,83584],"class_list":["post-633132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-matic","tag-polygon"],"acf":[],"yoast_head":"\nMATIC: Market Nosedive Leads To 30% Wipe In Value<\/title>\n<meta name=\"description\" content=\"MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/ktsl888.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"MATIC: Market Nosedive Leads To 30% Wipe In Value","url":"http:\/\/ktsl888.com\/news\/matic-market-nosedive-leads-to-30-wipe-in-value\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/matic-market-nosedive-leads-to-30-wipe-in-value\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/a_54fab4.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/a_54fab4.jpg?fit=5472%2C3648"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","matic","polygon"],"dateCreated":"2024-08-05T10:10:37Z","datePublished":"2024-08-05T10:10:37Z","dateModified":"2024-08-05T10:10:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"MATIC: Market Nosedive Leads To 30% Wipe In Value\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/matic-market-nosedive-leads-to-30-wipe-in-value\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/matic-market-nosedive-leads-to-30-wipe-in-value\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_54fab4.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_54fab4.jpg?fit=5472%2C3648\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"crypto\",\"matic\",\"polygon\"],\"dateCreated\":\"2024-08-05T10:10:37Z\",\"datePublished\":\"2024-08-05T10:10:37Z\",\"dateModified\":\"2024-08-05T10:10:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/a_54fab4.jpg?fit=5472%2C3648","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/633132"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=633132"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/633132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/633154"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=633132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=633132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=633132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}