Polygon’s Price Plunge: A Comedy of Errors! 😂

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Ah, the Polygon coin, once a proud warrior of the crypto realm, has retreated, flipping a key support level like a pancake at a Sunday brunch, as its ecosystem slows down like a tortoise on a lazy afternoon.

On this fateful Tuesday, the Polygon (POL) has plummeted to a mere $0.3910, a staggering 47% drop from its December 2024 highs. Talk about a dramatic fall from grace! 🎭

According to the wise sages at Nansen, active addresses on the Polygon network have taken a nosedive, falling by 12% in the last 30 days to a paltry 5.96 million. Meanwhile, the mighty Base, the largest layer-2 network, boasts a whopping 21.7 million active addresses. Ouch! That’s like showing up to a party and realizing you’re the only one without a date. 😅

While Polygon’s transactions have increased by 7% to 91.5 million, its fee revenue has plummeted by 38% to $835,000. In contrast, Base has handled over 218 million transactions and raked in $15.5 million in fees. It’s like watching a snail race against a cheetah! 🐌💨

More data reveals the struggles of the Polygon network this year. The total value locked in its DeFi ecosystem has dropped to $842 million, dwarfed by Base’s $3.41 billion and Arbitrum’s $3 billion. It’s like bringing a butter knife to a sword fight! 🗡️

Polygon’s DeX ecosystem is also lagging behind. Weekly trading volume has fallen by 20% to $1.2 billion, while Base, the new kid on the block, has handled a staggering $10.7 billion. Someone call the paramedics; Polygon needs a revival! 🚑

In the NFT market, where Polygon once reigned supreme, the trend is equally grim. According to CryptoSlam, Polygon NFT sales have plummeted by 71% in the last 30 days to $24.8 million, while Base has surged by 388% to $22.7 million. It’s like watching a once-famous actor fade into obscurity! 🎬

Polygon’s dismal performance explains its removal from the Lido DAO liquid staking in December. A sad day indeed! 😢

Polygon price pattern points to more downside

The four-hour chart reveals that the POL token peaked at $0.7671 after its transformation from MATIC last year. Recently, it has formed a descending triangle pattern, with the lower side resting at $0.4138. It has failed to drop below that level several times since December last year. A falling triangle? More like a falling star! 🌠

Polygon has also dropped below its 50-period moving average, reinforcing a bearish outlook. The path of least resistance appears to be downward, with the next key support level to watch at $0.3425, the token’s lowest swing on November 15. Buckle up, folks; it’s going to be a bumpy ride! 🎢

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2025-01-28 20:17