Market Update: Shiba Inu (SHIB) and Polygon (MATIC)
In the market correction following the recent bull run in the crypto market, Shiba Inu (SHIB) and Polygon (MATIC) have been significantly affected. SHIB is down 53% from its all-time high, while MATIC has also dropped by 51%. Both cryptocurrencies have collectively lost over a billion dollars during this downtrend.
Shiba Inu (SHIB) Recent Price Action
Shiba Inu (SHIB), a popular memecoin, has been experiencing a continuous downtrend since its 400% rally. Currently priced at $0.000022, SHIB is down nearly 53% from its peak. The cryptocurrency is trading below its 50-day moving average, indicating bearish sentiment. However, it remains above the 200-day moving average, suggesting potential long-term stability unless it breaches this level.
- RSI (Relative Strength Index): Currently at 40, indicating a moderately oversold condition with potential for further downside.
- MACD (Moving Average Convergence Divergence): Slightly bearish with a downward slope below the middle line.
While a bounce from current levels is possible, the overall market direction will be crucial in determining SHIB’s future trajectory.
Polygon (MATIC) Launches Community Grants Program
Polygon (MATIC) has introduced a $720 million Community Treasury aimed at funding blockchain projects over the next decade. This initiative supports developers within both Polygon and Ethereum ecosystems. As part of its Community Grants Program (CGP), Polygon will distribute 35 million tokens, valued at approximately $25 million, in the initial phase.
Polygon’s launch of the CGP is a significant step in its Polygon 2.0 vision, focusing on scalability and data sharing across its Value Layer.
Polygon recently introduced its native token, POL, on the Ethereum network, offering MATIC holders the option to exchange tokens on a one-to-one basis.
DTX Exchange Set to Change Platform Landscape
Amid the corrections in SHIB and MATIC, investor attention is turning towards DTX Exchange, a Layer 1 blockchain platform experiencing rapid growth due to its distinctive features.
- DTX Exchange offers 1000X leverage, enabling traders to open large positions with minimal capital, potentially yielding substantial profits.
- It operates with distributed liquidity pools, enhancing trading efficiency by boosting liquidity and reducing price slippage.
- With a non-custodial wallet system, DTX ensures users retain control over their private keys and assets, mitigating the risk of fund loss in case of security breaches.
Currently, DTX tokens are priced at $0.04 during the token sale, expected to rise to $0.12 post-launch, reflecting significant potential gains for early investors.
