The Polygon price remained under intense pressure this week as the crypto market erased gains made earlier in the week and crashed. POL token fell to $0.17 today, June 26, and is hovering at its lowest level since April 8. It has declined by over 36% from its peak in May.
Polygon Price Crashes Despite Encouraging Metrics
The POL token price has plunged in the past few weeks despite encouraging network activity. DeFi Llama data show that the total value locked (TVL) in Polygon has increased by 1.77% over the last 30 days to $1.18 billion, while the bridged figure has risen to over $5.18 billion.
Quickswap, the largest player in Polygon’s DeFi ecosystem, was the fastest-growing platform, with its TVL increasing by 56% over the last 30 days to surpass $330 million. Spiko’s assets rose by 14% to $154 million.
More data shows that the number of transactions on Polygon has soared recently. It handled over 23 million transactions, a 23% increase in the last 7 days. This growth happened as the number of Polygon addresses jumped by 21% to 2.71 million.
Another notable aspect of Polygon is that it has become a major player in the stablecoin industry. Stablecoins in its ecosystem handled over 84.2 million transactions in the last 30 days, a 30% monthly increase. The adjusted transaction volume rose by 11% to $50.3 billion, while the supply of stablecoins on the chain rose by 11% to $2.4 billion.
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POL Price Technical Analysis
The Polygon price has crashed despite encouraging metrics due to the ongoing crypto market crash. Turning to the daily chart, we see that the POL token has crashed in the past few days, moving from a high of $0.2762 on May 10 to $0.18 today.
It has moved below the 50-day Exponential Moving Average (EMA), a sign that bears remain in control. It is also forming a double-bottom pattern at $0.1518, its lowest point on April 7. A double bottom is a highly bullish reversal pattern that often leads to further upside.
Therefore, the most likely scenario is where it drops to $0.15 and then resumes the uptrend. The risk, however, is that it is difficult to determine whether the forming pattern is a double bottom or an inverse cup-and-handle pattern, which could lead to further downside.
Bitcoin Pepe is Firing on All Cylinders
Meanwhile, Bitcoin Pepe, an upcoming crypto project, hopes to do for Bitcoin what Polygon did for Ethereum. It is working on a layer-2 project that will supercharge the Bitcoin network with a focus on meme coins.
Bitcoin Pepe will launch the PEP-20 standard, making it easier for developers to launch their applications. It will also create an entire ecosystem that will widen the scope of this industry, including a bridge and a decentralized exchange.
Recent data indicate a strong demand for Bitcoin-related projects. For example, Bitcoin’s DeFi network has a total value locked of nearly $9 billion, and is now dominated by the likes of Babylon and Lombard Finance.
Other general-purpose layer-2 networks on Bitcoin, such as Core and Stacks, have continued to grow, with their total value locked (TVL) increasing. Therefore, there is a likelihood that Bitcoin Pepe will also become a top player in the crypto industry, which explains why it has gone viral, raising nearly $16 million in funds. Hurry up and buy BPEP here ahead of its airdrop.
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