All articles tagged with #polygon
Two former Polygon writers, Ryan Gilliam and Jeffrey Parkin, are launching a new guides-focused website called Big Friendly Guide to continue helping gamers, offering free content, a Patreon support option, and community engagement, following layoffs at Polygon after its sale to Valnet.
Polygon has released its list of the 50 best games of 2024, summarized in seven words or less, showcasing the team's ability to condense extensive game development into brief descriptions. The list is available in a video format, inviting viewers to engage and share their own game suggestions.
Cardano (ADA) shows a strong correlation with Avalanche (AVAX) and Polygon (MATIC), with correlation coefficients of 0.99 and 0.98 respectively. Despite recent price declines, on-chain data and market sentiment suggest potential future gains. Negative weighted sentiment indicates low confidence, but could also signal a good accumulation period before a surge. The Market Value to Realize Value (MVRV) ratio suggests these tokens are currently undervalued, hinting at possible price recoveries for ADA, AVAX, and MATIC.
Aptos has recently seen a significant increase in transaction activity, surpassing Sui Network and even outperforming Polygon in daily transactions, largely driven by the Tapos Cat game. Despite this surge, Aptos still lags behind Polygon in DEX volumes and Total Value Locked (TVL). Both APT and MATIC saw price increases over the past week, but MATIC maintained higher social media popularity. Sustained growth and innovation will be crucial for Aptos to challenge Polygon's established dominance.
Layer-2 projects on the Ethereum blockchain, such as Polygon, have seen a surge in on-chain activity, with 32 million transactions weekly since the Dencun upgrade, including Base, Arbitrum, and Optimism. The increase in meme coin activity on Base, particularly with the coin BRETT, has contributed to the network's dominance. While transaction numbers are high, active addresses have decreased, indicating fewer market participants involved in higher transactions. The market cap and prices of meme coins like BRETT and TOSHI suggest potential for further growth, which could lead to increased L2 transactions on Ethereum in the future.
Despite Polygon's Q1 milestones and surge in network usage, MATIC's market cap increased by 31% but its overvaluation suggests a potential price correction. The blockchain's active addresses reached an all-time high, but the number of transactions dropped. MATIC's Q1 report showed a surge in trading volume and holders, but a drop in captured value, fees, revenue, and earnings. The token's P/F ratio increased by 21%, indicating overvaluation and potential price drop. MATIC's price was down by over 9% in the last week, with bearish sentiment increasing, but investors continued to accumulate the token as its supply on exchanges declined.
Technical indicators suggest that Polygon's governance token, MATIC, may experience a further price decline following a recent double-digit drop. Readings from key indicators, including MACD, DMI, Aroon Up Line, and Chaikin Money Flow, indicate significant selling activity and a bearish trend, with the possibility of decreased demand and a potential price decrease for MATIC in the near future.
Layer 2 cryptocurrencies experienced mixed performance as Ethereum's Dencun upgrade went live, with tokens of Polygon, Arbitrum, and Starknet leading gains while Immutable X and Celo declined. The upgrade is expected to reduce transaction costs on layer-2 protocols and attract more applications, but there are concerns about a potential correction in the crypto markets as anticipation for the upgrade wanes and the probability of a spot ether ETF being approved in the U.S. diminishes.
Ethereum's upcoming Dencun upgrade has led to significant gains for layer-2 scaling solutions like Arbitrum, Optimism, and Polygon, with Arbitrum's ARB token rising 11% and holding 41% of the L2 scaling marketshare, while Optimism's OP token has gained 3% and Polygon's MATIC token has surged 18% in the past week. The upgrade is expected to reduce transaction fees by as much as 75% for L2 users, and Ethereum's ETH is trading at $4,055.30, up 1.2% in the past day and 6.5% higher than last week.
January 2024 crypto predictions suggest potential gains for Chainlink (LINK), with a possible 75% increase if it breaks out of its current channel, while BNB could surpass $400 if it overcomes resistance at $345. Ethereum layer-2 solutions like Arbitrum (ARB) and Polygon (MATIC) are also expected to see significant price increases, with ARB potentially growing by 45% and MATIC by 50% if they maintain their bullish momentum. However, these predictions could be invalidated if the assets fall below key support levels, leading to potential declines of around 30%.
Donald Trump is launching a new NFT collection featuring his mugshot, causing the prices of his previous NFT collections to drop. The new collection, backed by the Polygon blockchain, offers 100,000 NFTs priced at $99 each. Buyers who purchase 47 cards in a single transaction will receive a piece of the suit Trump wore during the mugshot and an invitation to dinner at his Mar-a-Lago resort. Despite his previous skepticism of crypto, Trump has earned millions of dollars from licensing his image to NFT INT LLC and holds about $2.8 million in cryptocurrencies.
Beam, a gaming-focused open-source blockchain run by Merit Circle DAO, is set to launch on Immutable zkEVM, a scaling solution powered by Polygon. The move aims to make Beam chain-agnostic and expand its ecosystem beyond Avalanche. The team is working with Immutable to integrate the zkEVM network into their products.
The Shiba Inu development team has announced that Shibarium, their layer-two scaling solution, is now available for public use after encountering initial hiccups. The team has reopened all previously locked channels and ensured the safety and security of funds. Over 65,000 wallets and more than 350k transactions have been recorded on Shibarium. The withdrawal time from the Shiba Inu bridge is working as intended, with Leash, WEth, and SHIB taking 45 minutes to three hours, and BONE taking up to seven days. The Shiba Inu team expressed gratitude to the Polygon development team, particularly Sandeep Nailwal, for their assistance during the challenges faced by Shibarium.
Crypto Twitter influencers are predicting an altcoin season on the horizon, as technical indicators suggest a potential breakout for altcoins. Dogecoin (DOGE) has shown resilience and could rally with enhanced network development. Litecoin (LTC) is garnering attention ahead of its halving event, with increased adoption in payments and ventures into smart contracts. Polygon (MATIC) is recovering from a setback caused by SEC classification as a security, relying on strong fundamentals and witnessing an upsurge in user engagement. The possibility of an altcoin rally will depend on market conditions, including Bitcoin's price movement.
Bakkt, the NYSE-backed crypto marketplace, has delisted Cardano, Solana, and Polygon after the SEC labeled them "crypto asset securities" in lawsuits against Binance and Coinbase. Bakkt will remove support for the tokens until there is additional regulatory clarity. Robinhood and eToro have also halted trading services for the same three assets. Cardano is down nearly 30% since the SEC's lawsuit against Binance was announced, Solana is down more than 28%, and Polygon is down more than 33%.