Polygon ends September on low note – What about holder profitability?
The post Polygon ends September on low note – What about holder profitability? appeared on BitcoinEthereumNews.com.
POL token saw tight range-trading between $0.36 and $0.44 range across September. The 200-day SMA hovers below the 50-day and 100-day SMAs on the POL/USDT 4-hour. chart. Polygon [POL] faced a challenging September, diverging from the broader crypto market’s bullish sentiment despite initial mild optimism tied to the ecosystem’s token swap. The layer 2 scaling network activated the upgrade enabling the highly-anticipated MATIC to POL token migration on 4th September in a move aimed at unlocking more utility and flexibility. Despite the hype around this milestone, POL reversed its gains in the last week of the month. Source: TradingView TradingView data shows the token’s price dropped from a month high of $0.446 on 28th September to $0.398 on the last day of the month. POL (formerly MATIC) was trading at $0.38 at press time, down 5.6% on the day and 70% below its 13th March all-time high. Holder profitability heading into Q4 The disappointing price action in September starkly contrasted Bitcoin and several altcoins, which registered decent gains in a month that is historically associated with negative returns. Coinglass data showed that Bitcoin’s price rose 7.29% in September while Ether’s price moved 3.56% higher in the same period. POL’s slump is especially concerning, given up to 95% of token holders are sitting on unrealized losses, according to data from IntoTheBlock. This includes 81% of holders who have owned the token for a year, during which POL has shed 37% of its value. Ecosystem milestones Last week, Polygon Labs activated the Ahmedabad hardfork on the Proof-of-Stake (PoS) mainnet following a two-week test period on the Amoy testnet. The upgrade, which marked a crucial step in Polygon’s roadmap, entails three Polygon Improvement Proposals, i.e., PIP-30, PIP-36, and PIP-45. The proposals introduce several optimizations to the PoS chain, primarily focused on improving the…
Filed under: News - @ October 2, 2024 8:17 am