This fascinating article will tell you how Polygon (MATIC) lost its place in the ranking of the best cryptocurrencies. Find out what factors led to the fall in MATIC's price and why traders and investors are expecting big changes. 📈🔍
🚀 You need up-to-date information to make informed decisions in the cryptocurrency world. We will look at the latest news from the Polygon Labs team and talk about its impact on the price of MATIC. 📰💡
💣 Get ready for an exciting ride through the world of Polygon (MATIC) as we uncover the causes of a failed push and examine the consequences of this event. Find out what steps the Polygon team is taking to change this and how it could impact your investment. 💪💼
📉 Despite a successful start to the year, Polygon (MATIC) has faced serious problems in the last few days.
After the cryptocurrency market rose on Wednesday, so did MATIC. It's up about 14%, according to data from CoinGecko. However, over the past 24 hours, MATIC is down about 4.5%, much more than its neighbors in the top 15 cryptocurrencies.
As a result, MATIC left 10th place in the cryptocurrency ranking and took 13th position. MATIC is currently trading at $0.66 and has a market cap of $6.19 billion, just behind Litecoin (LTC), Tron (TRX), and Solana (SOL), which have $150-$500 million more in market cap.
Even positive news from the Polygon Labs team did not help MATIC continue to take off. Over the last week, Polygon announced plans to turn Polygon PoS into Polygon zkEVM validium and launched Polygon Copilot, a chatbot based on ChatGPT technology.
One of the reasons for MATIC's weak price performance is that now closed crypto lender Celsius is preparing to sell its users' altcoins, including MATIC, for BTC and ETH.
Celsius is going to sell all altcoins from all clients (except Custody and Withhold accounts) starting July 1st and convert them into Bitcoin and Ethereum.
— Celsians (@CelsiansNetwork) 15 июня 2023 года
Celsius currently controls approximately $52 million in MATIC tokens and intends to sell them, as well as other altcoins such as Cardano (ADA), Chainlink (LINK) and Litecoin (LTC).
The total market capitalization of cryptocurrencies is currently $1.21 trillion, according to CoinGecko.
💥 However, despite these difficulties, MATIC still represents an attractive investment opportunity! 💰🚀
In addition to temporary difficulties, Polygon (MATIC) continues to attract the attention of investors and traders with its innovative solutions and activity in the cryptocurrency world. The Polygon Labs team continues to work on developing the platform and introducing new technologies that may affect the future price of MATIC.
🌐 Polygon's advantages include scalability, low fees, and the ability to interact with various blockchains. These factors make MATIC an attractive asset for decentralized applications (DApps) and users looking for efficient solutions for their transactions.
📈 Moreover, recent announcements about the transformation of Polygon PoS into Polygon zkEVM validium and the launch of Polygon Copilot indicate the team’s constant development and commitment to innovation. These steps could stimulate increased investor interest in MATIC and improve its market prospects.
💪💼 At the same time, the current challenges associated with the sale of MATIC by Celsius and the general state of the cryptocurrency market cannot be ignored. However, for sophisticated and analytical investors, these factors may present opportunities for strategic action and investment.
💰 So, despite some temporary difficulties, Polygon (MATIC) remains a promising project with growth potential. It is important to do your research, study the market and make informed decisions based on your financial goals and risk profile.