Connect with us

Altcoins

Polygon MATIC Price Prediction After PoS Hard Fork

Published

on

Polygon MATIC price has surged in the past few weeks. The token surged to a high of $1.05, the highest level since November 12. It has surged by more than 34% from the lowest point in 2023. This makes it one of the top-performing cryptocurrencies in the industry. It has a total market cap of more than $8.8 billion, making it the tenth biggest coin in the world.

Polygon ecosystem growth

Polygon is a leading blockchain project that provides layer-2 scaling solutions to Ethereum developers. It helps to supercharge blockchain apps built on Ethereum’s platform. For example, it boosts dApp speeds since Ethereum’s speeds are significantly low. At the same time, the sidechain lowers costs to just a few cents. 

MATIC price has risen as Polygon’s ecosystem has continued doing well. According to DeFi Llama, there are 355 DeFi apps in its ecosystem that have a total value locked (TVL) of more than $1.16 billion. This TVL has jumped by more than 14% in the past 7 days. It is the fourth-biggest DeFi app in its ecosystem.

Most DeFi players in Polygon have had substantial inflows in the past few days. AAVE’s TVL rose by more than 22% in the past 30 days. Similarly, QuickSwap, Balancer, Uniswap V3, Beefy, and Curve have seen their TVLs jump by more than 20% in the same period. 

Polygon price rose after the latest Polygon PoS network upgrade. The new upgrade introduced reduced gas spikes and upgraded its validator program. In most cases, cryptocurrencies tend to jump ahead after a network upgrade. In a note, the developers said this about the hard fork.

By increasing the denominator from 8 to 16, the growth curve can be flattened. These results were backtested against historical Polygon PoS mainnet data. The expectation is that the rate of change for the base gas fee will fall to 6.25%.”

MATIC price prediction

MATIC price

The daily chart shows that the Polygon MATIC price has been in a strong bullish trend in the past few days. As it rose, it moved above the key resistance level at $0.95, the highest point on December 7. It also moved above all moving averages while oscillators continued soaring. Therefore, the coin will likely continue soaring as buyers target the key resistance level at $1.20.

Altcoins

Avalanche Price Loses Momentum Ahead of FOMC Decision

Published

on

By

Avalanche price has pulled back in the past few days as investors wait for the upcoming Fed decision. AVAX has also declined as buyers who benefited during January’s comeback start harvesting profits. It was trading at $20, which was a few points below the year-to-date high of $21.84. The coin has jumped by about 90% from the lowest point in 2022.

AVAX had a great January

Avalanche is a leading alternative to Ethereum. Some of its important features are that it is highly interoperable, has faster speeds, and has extremely low transaction costs. Avalanche has been used to build some popular apps in the ecosystem are Wonderland, AAVE, Benqi, Trade Joe, and GMX.

Avalanche has had a strong performance in 2023 as the amount of inflows in the ecosystem has jumped sharply. For example, Wonderland has seen its TVL jump by 8.45% in the past 30 days. Similarly, AAVE, Benqi, Trader Joe, and GMX have seen their assets jump by over 20% in the same period. 

At the same time, the amount of fees in the ecosystem has been in an upward trend. The supply side fees in January peaked at $42.5 on January 1. In all, the fees collected in the ecosystem were better than in the previous month. They have risen by over 80% in the past 30 days.

The next…

Continue Reading

Altcoins

Dogecoin Price Slowly Forms a Rising Wedge Pattern

Published

on

By

Dogecoin price rose on Tuesday as investors cheered the new reports on Elon Musk’s ambitions on payments. The coin jumped to a high of $0.095, the highest point since December 11 of last year. It has jumped by more than 39% from the lowest point in 2022.

Elon Musk’s Twitter ambitions

Dogecoin is associated with Elon Musk, the second-richest person on earth with a net worth of over $150 billion. Before he endorsed the coin, it was languishing as one of the many cryptocurrencies in the industry. Today, DOGE is a multi-billion dollar cryptocurrency that is owned by millions of people. 

DOGE price rose after the Financial Times reported about Elon Musk’s plans for Twitter. He wants to make Twitter a leading payments provider. For example, he could build a product that makes it possible for people to send money to each other. Also, the payment platform could have features that enable people to pay to companies. 

According to the FT, Musk will also seek to introduce crypto in Twitter’s ecosystem. If this happens, he will likely introduce Dogecoin, which is his most favorite’s cryptocurrency. Tesla, his main company, has already started accepting DOGE for its accessories business. 

But there are two main unknowns. First, it is unclear when the new payment service will be launched. Second, it is still unclear whether users will embrace…

Continue Reading

Altcoins

DYDX Crypto Price Resurgence Gathers Momentum

Published

on

By

The dYDx crypto price has made a spectacular recovery in the past few days as investors reacted to the postponement of the token unlock program. The token surged to a high of $2.62, the highest point since November 15 last year. 

Why is dYDx price soaring? 

dYDx is a leading crypto exchange that is relatively different from centralized platforms like Coinbase and Binance. It’s main difference is that it is a decentralized exchange that is controlled by a DAO. 

A key part of the dYdX ecosystem is that of token unlocks. A token unlock is a situation where a blockchain releases tokens as part of its tokenomics. It can be compared to what happens when a company’s lockup expiry happens. 

As I wrote last week, the developers were to release millions of tokens, which would have diluted existing holders of the token. In a statement, the company said that they would postpone the unlocking of these tokens. 

30% of these tokens will now be unlocked on December 1. They will be followed by 40% in equal monthly installments on the first day of each month starting from January 1 next year to June 1. 20% of the tokens will then be released in equal installments on the first day of the month from January 1, 2024 to June 1 2025. 

Similarly,…

Continue Reading

Press Release