HomeUncategorizedPolygon (MATIC) rally comes to an end as competitors devour market share By Cointelegraph

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

October 10, 2023

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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