Dogecoin Surpasses Polygon in Market Cap, Pushes it Down 6%
Polyon’s cryptocurrency has experienced a 6% drop in value in the past day as a result of whale activity. Whale Alert has indicated that multiple large MATIC transfers have been made, putting bearish pressure on cryptocurrencies. All whale transactions went to Binance, which means that the investors are likely preparing for a future selloff. If whales make the move, the decline could continue in the next few days. Another outcome of the decline has been that DOGE has overtaken Polygon on the market cap list. Though the gap in market cap between them is only around $300 million, MATIC has to show strength to recover its lost status. If not, the gap would continue to increase in the meantime. Polygon’s performance isn’t surprising since March has been a challenging month for the cryptocurrency market. Interestingly, although Bitcoin has also experienced losses of about 7%, Polygon’s loss of 13% is far more extreme. The trend for the asset’s value over the last month is marked by a constant downtrend since peaking mid-February.