MATIC, the native token of the Polygon network, has experienced a sharp decline of 30% in the weekly chart. This drastic plunge comes on the heels of the recent decision by Robinhood to delist MATIC due to its classification as a security by the U.S. Securities and Exchange Commission (SEC).
Polygon Labs, the development team behind the network, has swiftly responded to these developments, shedding light on their unwavering commitment to network security.
In a tweet from the official account, the team expressed their immense pride in the network’s history, emphasizing that it was developed and deployed outside the United States from its inception.
The tweet further highlighted the global nature of the MATIC community and its dedication to inclusivity. Polygon Labs made it clear that while they ensured the availability of MATIC to a broad spectrum of individuals, they never specifically targeted the U.S. market at any point in time.
This strategic approach allowed them to focus on the largest market in the world, which lies outside the United States. Since its inception, Polygon Labs staunchly defended the integral role that MATIC has played in Polygon technology, emphasizing its crucial contribution to network security.
The team expressed gratitude for the concerted efforts of individuals and organizations worldwide, including regulators and policymakers, who have tirelessly contributed to advancing this groundbreaking technology.
Confident in their past actions, Polygon Labs remains resolute in building a robust future for the network. Exciting technological announcements are expected to be made throughout this week, further solidifying their dedication to innovation and progress.
Polygon (MATIC) Price
Despite regulatory pressure, MATIC has managed to recover from its recent notable downturn and is currently showing signs of improvement on the daily chart, with a recovery of approximately 3.34%, according to the latest data from CoinMarketCap. The cryptocurrency is currently trading at $0.6244.
Furthermore, MATIC’s trading volume has experienced a decrease of 49.53%, amounting to $564,182,122, while the market capitalization has increased by 3.32% in the past 24 hours. However, it remains to see how it will perform in the coming days.
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