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Polygon (MATIC) rally comes to an end as competitors devour market share

Published 10/10/2023, 02:06 PM
Updated 10/10/2023, 03:40 PM
MATIC/USD
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Polygon’s native token (MATIC) experienced a 16.4% rally that coincided with the launch of Polygon 2.0 Goreli testnet on Oct. 4. However, the resistance at $0.60 proved stronger than anticipated and was followed by a 10.6% decline over the six days leading into Oct. 10.

This decline was exacerbated by negative news regarding the departure of a key co-founder and weak activity in Polygon’s zero-knowledge rollup (ZK-rollup) subnet.

Polygon (MATIC) 12-hour price in USD. Source: TradingView
ZK networks daily active and transactions. Source: artemis.xyz
Total value locked (TVL) in USD. Source: DefiLlama
Polygon network DApps active addresses, 30-day change. Source: DappRadar

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