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Altcoin

Polygon’s POL Token Surges 15% After Rebrand

by Ouess
written by Ouess

Polygon’s native token, POL, surged 15% on Friday after Binance added it to its platform. This marks the completion of Polygon’s token upgrade and rebrand from MATIC to POL. The price spiked to nearly $0.45 from $0.38, reaching its highest level since late August.

Why Did POL Surge?

Polygon recently transitioned from MATIC to POL, upgrading its tokenomics with a new 2% annual emission rate. This upgrade, combined with the Binance listing, created a positive momentum for the token. POL’s surge outperformed Bitcoin (BTC), which remained mostly flat during the same period.

Crypto analysts believe that the rebranding and the introduction of a fresh ticker have influenced the token’s price action. New charts provided a cleaner slate for traders, driving more attention to POL and boosting its performance.

Market Reactions to the Polygon Upgrade

Polygon’s successful migration from MATIC to POL has sparked interest across the crypto community. Analysts suggest that this transition could encourage other projects to follow suit. According to DefyIst, a well-known crypto analyst, the success of Polygon’s upgrade is significant, as large token migrations often lead to market uncertainty. However, this move by Polygon has been smooth, fueling optimism for its future.

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Gainers

Top 3 Crypto Gainers This Week: MATIC, KLAY, & FET

by Ouess
written by Ouess

This week, Bitcoin (BTC) led the market with an 8% gain, setting a bullish tone for the broader crypto market. Among the top performers were MATIC, KLAY, and FET, each showing impressive upward trends.

Polygon (MATIC) Poised for a $1 Rally?

Polygon (MATIC) surged by 32.19% this week, breaking out of a falling wedge pattern. Currently ranked 19th globally with a market cap of $5.321 billion, MATIC last traded at $0.5341, marking a 1.5% intraday gain.

Several factors contributed to this bullish trend, including the upcoming upgrade from MATIC to POL, slated for September 2024. This breakout follows a 145-day decline, which saw a 73% drop from its first-quarter peak. However, the recent rally has reduced this decline to 58%, showing renewed optimism for further price acceleration. MATIC has already pierced the 50-day EMA, with the 200-day EMA in its sights.

Klaytn (KLAY) Bounces Back from All-Time Lows

Klaytn (KLAY) gained 32.69% this week, making it one of the top crypto gainers. After a prolonged downturn, KLAY responded to buyer demand, breaking out of a falling wedge pattern. As of now, KLAY ranks 95th globally with a market cap of $647.454 million and last traded at $0.1705, despite a slight 1% intraday dip.

Optimism surrounding the upcoming Kaia mainnet launch, a merger of Klaytn and Finschia scheduled for August 29th, has fueled this rally. The spot volume inflow also increased by 36.31%, suggesting that KLAY may either consolidate or pull back before continuing its upward momentum.

Fetch.ai (FET) Surges with Artificial Superintelligence Alliance

Fetch.ai (FET) has been making headlines with a 28.44% gain this week, driven by its involvement in the new Artificial Superintelligence Alliance. This initiative merges Ocean Protocol (OCEAN) and SingularityNET (AGIX) into FET, which will eventually be rebranded under a unified token, ASI.

FET saw a 10% intraday rise, reaching $1.060 and a market cap of $2.668 billion, placing it 31st globally. The spot volume inflow spiked by 52% to $221.90 million, indicating strong demand. FET’s breakout from the falling wedge pattern suggests further potential for rallying, especially if it can breach the 50-day and 200-day EMA bands.

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Altcoin

Polygon Token Migration: POL to Replace MATIC Starting September 4

by Ouess
written by Ouess

Polygon Labs, the driving force behind the layer-2 network Polygon, announced a significant change. The Polygon token migration from MATIC to POL was set to begin on July 2023. This shift is part of the broader “Polygon 2.0” roadmap, unveiled last year.

What is Polygon 2.0?

In July 2023, Polygon’s community was introduced to the Polygon 2.0 roadmap. The core objective is to establish POL as the primary token across all Polygon networks. This upgrade involves several technical changes designed to enhance the network’s efficiency and security.

Key Changes in the Migration

Starting September 4, the migration will see the current MATIC token replaced by the new POL token. This upgrade will transform POL into the native gas and staking token for Polygon’s main proof-of-stake chain (Polygon PoS). Following this, POL will also secure other blockchains within Polygon’s extensive network, including the AggLayer.

Benefits of the POL Token

Polygon describes POL as a hyperproductive token capable of delivering valuable services across any chain within the Polygon network. This includes the AggLayer. MATIC holders on the Polygon PoS chain will automatically see their tokens converted to POL without needing to take any action.

Steps for Different Users

For users of MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain, specific steps are required to transition to POL. Polygon Labs has provided detailed instructions in their blog post to assist these users.

Testing and Implementation

To ensure a smooth transition, Polygon conducted a test of the token upgrade on July 17 in a controlled test network environment. This step was crucial for identifying and resolving any potential issues before the POL token goes live on the mainnet.

Conclusion

The Polygon token migration marks a significant milestone in the network’s evolution. With POL set to replace MATIC, Polygon aims to enhance the functionality and security of its ecosystem. Stay tuned for more updates as this migration unfolds.

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Altcoin

Analyzing MATIC’s Price Decline and Prospects for Recovery

by Ouess
written by Ouess

MATIC’s price has been on a downward trajectory for over two years, and this trend may continue through June before potential bullish momentum in July.

Polygon, known for its robust layer2 network in crypto, has been a stalwart for seven years. However, despite high demand in 2023 that propelled MATIC into the top 15 cryptocurrencies, its recent performance has faltered, leading to its exclusion from the top ranks amidst ongoing market declines. The question now lingers: Can MATIC’s price stage a recovery, especially in June? Let’s delve into that in this blog.

MATIC Price Analysis

MATIC reached its peak over two years ago, soaring to an all-time high of $2.92, a stark contrast to its current value of $0.5734, marking an 81% decline. Since then, MATIC has largely traded within this range, punctuated by occasional peaks.

During March’s bullish surge earlier this year, MATIC briefly rose to $1.24 before resuming its decline. It remains one of the cryptocurrencies yet to reclaim its ATH levels, highlighting its struggle.

MATIC USD Daily chart

The most significant recent drop occurred on June 5, 2024, persisting until recently. Today, MATIC shows a modest recovery of 3.35%, climbing from $0.53 to $0.57, with its market capitalization reflecting a 3.4% increase to $5,679,889,745. However, declining 24-hour trading volumes suggest reduced activity among investors.

Technical Indicators Suggest Continued Decline

Current technical indicators for MATIC lean heavily bearish, with key metrics like the Relative Strength Index (RSI) at 35.03 indicating oversold conditions and high selling pressure. The Moving Average Convergence Divergence (MACD) on 12, 26, 9-day frames and Simple Moving Averages (SMA) across multiple intervals also signal bearish trends.

Weekly and monthly reports reinforce this bearish sentiment and oversold conditions, suggesting a potential further decline in MATIC’s price throughout June. However, historical data points to a possible recovery phase in July, aligning with previous patterns where MATIC has shown bullish tendencies during this period over the past three years.

Final Thoughts

MATIC’s price struggles in recent years underscore its need for more time to regain momentum. Yet, amidst the forthcoming altcoin season, optimism remains for MATIC and other altcoins. Polygon continues to enhance its network and forge partnerships, such as with Ronin and FOX News, which could bolster MATIC’s recovery prospects over time. As the market evolves, MATIC’s resilience and Polygon’s strategic advancements may pave the way for renewed growth.

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Altcoin

Chainlink’s Soaring Surge: Breaking into Top 10 Cryptocurrencies Amidst Market Dynamics

by Ouess
written by Ouess

Chainlink (LINK), the cryptocurrency, has experienced a remarkable surge of 9%, surpassing the steady performance of Tron (TRX) and sparking conversations about its potential to enter the coveted top 10 cryptocurrencies by market capitalization.

With LINK’s price reaching $18.45, its market capitalization has now exceeded $10 billion.

LINK USD 7day Source : coinmarketCap

On the other hand, TRON’s modest gains haven’t been enough to keep up.

In terms of other major coins:

  • Bitcoin ( $BTC) has shown a mild change in the last 24 hours but exhibits positive weekly performance, indicating a resilient yet gradual increase in investor confidence.
  • Ethereum ( $ETH), the second-largest cryptocurrency, has experienced a slight dip in the past day but maintains a positive outlook for the week.
  • $BNB and Solana ( $SOL) have both shown positive weekly returns, hinting at potential growth among altcoins.

However, $XRP’s significant weekly decline raises questions about its immediate future in the volatile market, particularly after being heavily impacted by a massive hack affecting its co-founder, Chris Larsen.

Regarding Chainlink’s rise: Chainlink’s LINK token has reached a 22-month high at $18, marking the end of a three-month consolidation period and potentially paving the way for a sustained upward trend.

Market analysts emphasize LINK’s strength, particularly in comparison to major players like Bitcoin and Ethereum. Additionally, Chainlink plays a crucial role in the crypto infrastructure by connecting blockchains with essential external data through its oracles.

This essential function underscores its potential for further growth, with some analysts predicting a market value of tokenized assets reaching $16 trillion by 2030.

Notably, Chainlink has recently secured strategic integrations across platforms like Scroll, further solidifying its position in the cryptocurrency landscape.

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Forecast

Navigating the Cryptocurrency Landscape: Potential Gems under 1$ in January

by Ouess
written by Ouess

January started strong but lately experienced a significant downturn. The market eagerly awaits ETF approval updates while Bitcoin holds steady, yet the Altcoins are struggling. Selecting the right coins for the month has become quite challenging.

MATIC

Matic, now Polygon, aims to scale Ethereum and enhance its infrastructure using Polygon SDK and the Plasma framework. This setup allows scalable and autonomous smart contracts, supporting various applications and DApps on its secure and rapid sidechains.

The native $MATIC token remains pivotal in Polygon’s ecosystem. The project intends to transform Ethereum into a multi-chain system akin to Polkadot and others, leveraging Ethereum’s security and diverse ecosystem. With impressive transaction speeds of up to 65,000 per second and quick block confirmations, Matic has high expectations for January, considering its underperformance last year and anticipated surge above $1.

SUI

Sui stands as a unique Layer 1 blockchain and smart contract platform prioritizing fast, private, and secure digital asset ownership. Utilizing the Move programming language, Sui offers scaling, composability, and efficient on-chain storage.

The native $SUI token facilitates gas fees and staking on the Sui network. With its rival Aptos showing price movements, Sui is also expected to chart positive growth.

JOE

Trader Joe operates as a platform scaling Avalanche’s infrastructure. Utilizing a modular framework and the Avalanche blockchain, it executes scalable and independent smart contracts, supporting various DApps securely and rapidly.

The native $JOE token is instrumental within the Trader Joe ecosystem. Trader Joe aims to offer a comprehensive DeFi experience while ensuring security. With rapid movements in L1 and Avalanche’s significant surge, Trader Joe holds a pivotal position in the Avalanche ecosystem.

MNT

Mantle Network (MNT) serves as an Ethereum Layer-2 scaling solution, aiming to enhance security, lower fees, and increase transaction throughput. Leveraging roll-up technology, Mantle creates a decentralized data availability layer in collaboration with EigenLayer.

$MNT token handles gas fees, fosters ecosystem growth, and supports community governance. Mantle’s modular architecture ensures high-performance networks at low fees, fostering exceptional DApp development while capitalizing on Ethereum’s security. Despite being undervalued in the L2 sphere, Mantle holds substantial potential due to its robust treasury and ongoing development.

SEI

Sei operates as a specialized Layer 1 blockchain designed for trading, specifically catering to decentralized exchanges (DEXes). It emphasizes reliability, scalability, and speed, particularly for NFT and in-game token trading.

The native $SEI token manages gas fees and staking on the Sei network. Offering rapid transaction finality and large-scale transaction processing, Sei boasts frontrunning protection, interoperability, and transaction bundling. With its notable catalyst, the Parallel EVM, Sei recently surged 250% and is anticipated to exhibit similar movements.

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Altcoin

Crypto Market Turbulence: Impact of Potential ETF Rejection on Altcoins

by Ouess
written by Ouess

Nervous investors caused a drop in the value of various alternative cryptocurrencies this week, largely due to a concerning report from a crypto services company. This analysis suggested that the anticipated approval of the first exchange-traded funds (ETFs) for cryptocurrencies traded on the spot market might not happen.

As a result, the prices of numerous coins and tokens, regardless of their size and popularity, took a hit. Major altcoins like Polygon (MATIC), Uniswap (UNI), and Litecoin (LTC) were notably affected, experiencing declines of 14%, 18%, and 12%, respectively, over the week, according to data from S&P Global Market Intelligence.

The report from Matrixport had a significant impact on the crypto market. Released on Tuesday as part of their regular digest, it went against the norm and stirred concern within the crypto community.

In this particular report, Matrixport predicted that the U.S. Securities and Exchange Commission (SEC) would likely reject all the proposed spot Bitcoin (BTC) ETFs for various reasons, primarily citing SEC chief Gary Gensler’s reluctance to approve cryptocurrencies and related investments. The firm highlighted the need for stricter compliance in the industry and mentioned the lack of political incentive to legitimize Bitcoin as an alternative store of value.

While the report may have exaggerated its claims, it rightly highlighted how hopes for the approval of the first Bitcoin spot ETFs have been a driving force behind the broader crypto market’s growth. These ETFs would make it easier for investors to hold cryptocurrencies in a more accessible and secure way compared to the current complex and risky methods.

The potential rejection of crypto spot ETFs, which were expected to have a positive domino effect on the market, seems to have caused a setback. Bitcoin’s downturn on Tuesday had a cascading effect on many other altcoins, although some have since recovered partially but not to the levels seen at the beginning of the week. This evolving saga of crypto spot ETF approval or rejection is attracting considerable attention, and the market is closely monitoring its unfolding.

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Altcoin

Lugano Leads the Way: Swiss City Embraces Polygon’s PoS Technology and Launches Innovative Cryptocurrency Wallet

by Ouess
written by Ouess

Lugano, a city in Switzerland where Italian is spoken, has actually lately made enhancements to its repayment app called MyLugano. One of the notable upgrades is the integration of Polygon (MATIC) Evidence of Stake (PoS) technology. Consequently, the app currently includes a specialized area that allows its 30,000 users to comfortably utilize a cryptocurrency wallet that supports numerous blockchains.

The area is made for customers with some level of proficiency and will certainly give them with a wallet comparable to MetaMask. The preliminary cryptocurrency to be incorporated is ckBTC, which is a cutting-edge form of digital asset that makes use of Web Computer system Procedure (ICP) modern technology, according to MyLugano’s official website.

MyLugano provides its individuals with a varied series of decentralized applications (dApps) and the possibility to take part in a commitment program using LVGA, Lugano’s native stablecoin. Additionally, as part of its commitment to advancement in the cryptocurrency room, Lugano has presented an one-of-a-kind collection of non-fungible tokens (NFTs).

The collection is based on a physical art work created by Yuri Catania that is readied to dissipate in time and transform 2,000 paper flowers into actual ones while surviving on through the MyLugano NFT collection.
The Alpine nations of Europe, and Switzerland in particular, have actually been placing themselves as cryptocurrency hotspots of the continent. While Lugano is particularly remarkable for its adoption of blockchain technology, the Zug canton also made headings when it enabled its people and citizens to pay tax obligations and various other public fees using Bitcoin (BTC).

Positioned between Switzerland and Austria, Liechtenstein is a tiny nation that has actually gone to the center of cryptocurrency innovation. In 2019, it turned into one of the initial countries to develop laws particularly attending to cryptocurrencies. In a recent advancement, Liechtenstein has announced its intention to support and enhance bitcoin settlements.

While much of the top-level crypto fostering in Europe has actually been centered on the Alps– which is barely shocking thinking about Switzerland’s enduring position as a financial center– the rest of the continent has actually been showing boosted interest in current months.

Along with the European Reserve bank’s (ECB) development of an electronic euro, many German banks have actually been looking for crypto guardianship licenses throughout 2023, and Dz Financial Institution and Commerzbank– Germany’s third and fourth biggest– have actually currently received stated licenses.

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