{"id":639793,"date":"2024-09-04T23:00:15","date_gmt":"2024-09-04T23:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=639793"},"modified":"2024-09-04T12:40:06","modified_gmt":"2024-09-04T12:40:06","slug":"investors-lose-sight-of-matic-as-it-drops-16-ahead-of-network-upgrade","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/investors-lose-sight-of-matic-as-it-drops-16-ahead-of-network-upgrade\/","title":{"rendered":"Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade"},"content":{"rendered":"

MATIC suffers another string of losses as the broader market pullback forces the bulls to the defensive. According to <\/span>CoinGecko<\/span><\/a>, the Polygon Network native coin has bled 16% more since last week as the bears reverse gains made back in August. This move occurred despite Polygon Network\u2019s upcoming upgrade that switches MATIC to POL, improving the platform’s tokenomics.\u00a0<\/span><\/p>\n

Related Reading: RENDER Flashes Red With 18% Short-Term Loss \u2013 Details<\/a><\/div>\n

As the market moved 5% downward, investor confidence in MATIC has been shaken, possibly damaging the token\u2019s performance in September. Short-term, investors are looking at more pain if the market continues to freefall.\u00a0<\/span><\/p>\n

Momentum Lost After Hype-Led Rally For MATIC<\/span><\/h2>\n

MATIC bears are currently attempting to break through the $0.39 support level after ten days of a consistent downward trajectory. This leaves the bulls in a precarious position in the short term as a bearish breakthrough on this support level will drive the token toward $0.33, a level unseen since March 2021.\u00a0<\/span><\/p>\n

\"\"
Chart: TradingView<\/figcaption><\/figure>\n

With the major cryptocurrencies also experiencing strong bearish momentum, we can expect MATIC to fall even further despite the improvements brought by the upcoming network upgrade. Investors and traders can expect the token to fall further, possibly flipping the $0.39 support level to resistance.\u00a0<\/span><\/p>\n

Investors and traders could expect increased volatility depending on the condition of the larger market once this action starts. Although much of the market moves in line with the swings of the two leading cryptocurrencies, market movers like Bitcoin and Ethereum should also be under observation.<\/p>\n

\"\"
MATIC market cap currently at $3.73 billion. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

Network Migration And New On-chain Developments<\/span><\/h2>\n

The MATIC to POL migration will start today, September 4, which affects all facets of the network. According to an <\/span>earlier blog post<\/span><\/a>, the network migration will improve the tokenomics of the platform making it more attractive for users and future validators.\u00a0<\/span><\/p>\n

Related Reading: SUI Crashes 23% As September Unleashes Market Panic\u2014Is A Comeback Possible?<\/a><\/div>\n

One of the most notable developments for the community is the enhanced protocol awards system that is expected to encourage more validators to the platform. The protocol will continuously emit a predefined number amount of POL, distributing it to the all active validators. This acts as the base reward for the platform\u2019s validators.\u00a0<\/span><\/p>\n

\n

Polygon CDKs are being shipped to mainnet
\nAI clouds are transforming gaming
\nNext-gen DeFi consumer app en route<\/p>\n

All this and more \u2013 your DeFi roundup on @0xPolygon<\/a> \ud83e\uddf5\ud83d\udc47 pic.twitter.com\/pjRkr1B9z6<\/a><\/p>\n

\u2014 Polygon DeFi (@0xPolygonDeFi) September 3, 2024<\/a><\/p><\/blockquote>\n

Validators will also have access to the chains\u2019 transaction fees, becoming of the three main income streams in the new system. Lastly, some chains within the ecosystem can set their own rewards using POL, or any cryptocurrency available on that specific chain, stimulating on-chain validator activity.<\/span><\/p>\n

On-chain, the platform has also <\/span>seen use<\/span><\/a> of Polygon\u2019s core development kit (CDK) on multiple projects. These projects will have a definite effect on the user experience of the platform, cementing Polygon\u2019s position within the DeFi world.\u00a0<\/span><\/p>\n

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

MATIC suffers another string of losses as the broader market pullback forces the bulls to the defensive. According to CoinGecko, the Polygon Network native coin has bled 16% more since last week as the bears reverse gains made back in August. This move occurred despite Polygon Network\u2019s upcoming upgrade that switches MATIC to POL, improving the platform’s tokenomics.\u00a0 Related Reading: RENDER Flashes Red With 18% Short-Term Loss \u2013 Details As the market moved 5% downward, investor confidence in MATIC has been shaken, possibly damaging the token\u2019s performance in September. Short-term, investors are looking at more pain if the market continues to freefall.\u00a0 Momentum Lost After Hype-Led Rally For MATIC MATIC bears are currently attempting to break through the $0.39 support level after ten days of a consistent downward trajectory. This leaves the bulls in a precarious position in the short term as a bearish breakthrough on this support level will drive the token toward $0.33, a level unseen since March 2021.\u00a0 With the major cryptocurrencies also experiencing strong bearish momentum, we can expect MATIC to fall even further despite the improvements brought by the upcoming network upgrade. Investors and traders can expect the token to fall further, possibly flipping the $0.39 support level to resistance.\u00a0 Investors and traders could expect increased volatility depending on the condition of the larger market once this action starts. Although much of the market moves in line with the swings of the two leading cryptocurrencies, market movers like Bitcoin and Ethereum should also be under observation. Network Migration And New On-chain Developments The MATIC to POL migration will start today, September 4, which affects all facets of the network. According to an earlier blog post, the network migration will improve the tokenomics of the platform making it more attractive for users and future validators.\u00a0 Related Reading: SUI Crashes 23% As September Unleashes Market Panic\u2014Is A Comeback Possible? One of the most notable developments for the community is the enhanced protocol awards system that is expected to encourage more validators to the platform. The protocol will continuously emit a predefined number amount of POL, distributing it to the all active validators. This acts as the base reward for the platform\u2019s validators.\u00a0 Polygon CDKs are being shipped to mainnet AI clouds are transforming gaming Next-gen DeFi consumer app en route All this and more \u2013 your DeFi roundup on @0xPolygon \ud83e\uddf5\ud83d\udc47 pic.twitter.com\/pjRkr1B9z6 \u2014 Polygon DeFi (@0xPolygonDeFi) September 3, 2024 Validators will also have access to the chains\u2019 transaction fees, becoming of the three main income streams in the new system. Lastly, some chains within the ecosystem can set their own rewards using POL, or any cryptocurrency available on that specific chain, stimulating on-chain validator activity. On-chain, the platform has also seen use of Polygon\u2019s core development kit (CDK) on multiple projects. These projects will have a definite effect on the user experience of the platform, cementing Polygon\u2019s position within the DeFi world.\u00a0 Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":639800,"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-639793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-matic","tag-polygon"],"acf":[],"yoast_head":"\nInvestors Lose Sight Of MATIC As It Drops 16% Ahead Of Upgrade<\/title>\n<meta name=\"description\" content=\"MATIC suffers another string of losses as the broader market pullback forces the bulls to the defensive. 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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:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade","url":"http:\/\/uniquehot.com\/news\/investors-lose-sight-of-matic-as-it-drops-16-ahead-of-network-upgrade\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/investors-lose-sight-of-matic-as-it-drops-16-ahead-of-network-upgrade\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/a_5f215c.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/a_5f215c.jpg?fit=4608%2C3456"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","matic","polygon"],"dateCreated":"2024-09-04T23:00:15Z","datePublished":"2024-09-04T23:00:15Z","dateModified":"2024-09-04T23:00:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Investors Lose Sight Of MATIC As It Drops 16% Ahead Of Network Upgrade\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/investors-lose-sight-of-matic-as-it-drops-16-ahead-of-network-upgrade\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/investors-lose-sight-of-matic-as-it-drops-16-ahead-of-network-upgrade\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/a_5f215c.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/a_5f215c.jpg?fit=4608%2C3456\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"crypto\",\"matic\",\"polygon\"],\"dateCreated\":\"2024-09-04T23:00:15Z\",\"datePublished\":\"2024-09-04T23:00:15Z\",\"dateModified\":\"2024-09-04T23:00:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/a_5f215c.jpg?fit=4608%2C3456","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639793"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=639793"}],"version-history":[{"count":4,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639793\/revisions"}],"predecessor-version":[{"id":639857,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639793\/revisions\/639857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/639800"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=639793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=639793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=639793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}