Polygon fell to a six-week low on Tuesday, with sentiment in cryptocurrency markets remaining bearish. The price plunged as consumer confidence in the United States fell by more than expected, coming in at a reading of 101.3 in April. Solana also slipped, hitting a two-week low.
HedgeUp (HDUP) is a new cryptocurrency project that has attracted the attention of Stacks (STX) and Polygon (MATIC) holders. The project aims to provide a decentralized platform for trading derivatives, such as options and futures.
Polygon outperformed Ethereum in terms of daily active addresses, with 399,950 users compared to Ethereum's 376,350. The surge in activity on Polygon can be attributed to several factors, including the performance of its dApps and the migration of y00ts NFT.
Data from WhaleStats shows that MATIC has been on the radar of the top 100 Ethereum whales. These large investors have been buying the digital asset in considerable amounts, enough of it that it is now ranking as a top 3 token traded by the largest Ethereum whales.
Polygon saw a drop in network fees and revenue in recent weeks, even though the daily active addresses had increased by a small margin. The report highlighted a downturn in the weighted sentiment also.
Polygon, a popular blockchain network, has been witnessing a surge in the GameFi sector. According to a recent report on Ambcrypto, several GameFi projects have been launched on the Polygon network, including games, NFTs, and staking platforms.
A crypto analyst has predicted a surge in the price of Polygon (MATIC) in the coming months. The analyst notes that Polygon has seen significant growth in recent months, as more businesses and individuals seek to participate in the market and take advantage of the potential benefits of blockchain technology and DeFi platforms.
ETH will be used for gas fees, while MATIC will be used for staking and general governance in Polygon zkEVM in the future. There is no direct interaction with Polygon PoS, value can be transferred from these two networks via Ethereum network.
Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week.