Polygon Decreases More Than 5% Within 24 hours
Portfolio Pulse from Benzinga Insights
Polygon's (CRYPTO: MATIC) price has decreased by 5.6% over the past 24 hours to $0.80, marking a continuation of a downward trend with a 19.0% drop over the past week. The trading volume for Polygon has increased by 18.0% over the same period, while the circulating supply rose by 0.27% to 9.28 billion, which is 92.83% of the max supply. Polygon's market cap is currently ranked #16 at $7.42 billion.
January 08, 2024 | 3:00 pm
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NEGATIVE IMPACT
Polygon (MATIC) experienced a significant price drop of 5.6% in the last 24 hours and a 19% decrease over the past week, with an increase in trading volume and circulating supply.
The price of Polygon (MATIC) has seen a substantial decrease, which is typically a bearish signal for traders and investors. The increased trading volume suggests higher interest, but it may also indicate selling pressure. The increase in circulating supply could dilute the value of each coin. Given these factors, the short-term impact is likely negative.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100