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Polygon’s Ambitious Vision: $1B Pledge to Web3 Scaling Solutions

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Polygon’s huge bet on one of the key layer-2 blockchain landscapes has paid off, says Sandeep Nailwal, one of the co-founders, citing its $1 billion investment in the development of zero-knowledge [ZK]-proof-powered scaling solutions tailored for the Ethereum ecosystem. Speaking on the sidelines at the Token2049 conference in Singapore, Nailwal spoke at length on the evolution of “Polygon 2.0” scaling initiatives and the immense potential held by recursive ZK-proof technology in shaping a seamlessly interconnected blockchain ecosystem.

Drawing parallels between the essential elements of Web2 and Web3, the co-founder illustrated how both function. Web2, according to him, embodies the “internet of information” and the ability to seamlessly transmit information across the globe at astonishing speeds.

Polygon

On the other hand, Web3 symbolizes the “internet of value.” Nailwal explained that in order to reach its full potential, Web3 requires two critical capabilities. One is limitless scalability and the other is unified liquidity, thus eliminating the scenario of value scattered across numerous chains that cannot effectively interact with one another.

In his vision of achieving scalability akin to Web2 for the Internet of value, the Polygon founder emphasized the pivotal role of an aggregator or interoperability layer. This layer would amalgamate ZK-proofs from various chains into a shared foundation.

The lynchpin for this aggregator layer, according to Nailwal, is recursive ZK-proof technology, which he anticipates deploying in the coming months. This technology empowers different blockchains to submit ZK-proofs of their network states to the aggregator, which subsequently submits combined attestations to the Ethereum network.

Through this innovative technology, Nailwal envisions the execution of cross-chain transactions in a mere four to five seconds, a fraction of an Ethereum block’s time, thereby creating an environment where it feels as if transactions occur within a single, expansive block space.

Polygon’s zkEVM Hit 100k Daily Transaction

He highlights the strategic importance of high liquidity chains such as zkEVM and proof-of-stake chains in facilitating the sharing of value among applications. Moreover, he noted that major layer-1 blockchain platforms have expressed keen interest in accessing this interoperable layer.

Since its inception in March, Polygon’s groundbreaking zkevm has enabled developers to deploy smart contracts and decentralized applications and has recently processed 100,000 transactions in a single day for the first time, consolidating its position as a top Layer 2 scaling solution.

Crypto Gurus Favor VC Spectra(SPCT) to Lead Over Bitcoin Cash (BCH) and Polygon (MATIC)

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When people search for the ‘best cryptocurrency to invest in,’ Bitcoin Cash (BCH) and Polygon (MATIC) often appear in the conversation. Yet, crypto gurus favor VC Spectra (SPCT) over these established projects. This new decentralized finance platform is set to disrupt the hedge fund industry, inviting anyone to join in the revolution.

Before diving into the latest Bitcoin Cash (BCH) and Polygon (MATIC) developments, let’s learn more about this protocol.

>>BUY SPCT TOKENS NOW<< 

Over Three-Fold Return Set For VC Spectra (SPCT) After Official Launch

VC Spectra (SPCT) is a decentralized hedge fund for futuristic blockchain and tech start-ups, with multi-faceted methods to achieve lucrative returns. It starts with meticulous due diligence led by traders, technologists, venture capitalists, and other experts. Furthermore, VC Spectra (SPCT) is an advanced trading platform, using strategies like hedging, diversification, and many others backed by machine learning to manage risks and profits. 

VC Spectra (SPCT) focuses on early-stage funding, making it favorably positioned for high gains. VC Spectra (SPCT) also simplifies asset management through autonomous smart contracts, removing the need for intermediaries. 

The Spectra token (SPCT) is the entryway to this ecosystem, with bonus benefits. These include quarterly dividends (extra profits), voting rights, and access to invest in discounted exclusive ICOs before they are public.

Get SPCT in Stage 3 of VC Spectra‘s fast-moving presale for a cheap $0.025, set to increase by 32% in Stage 4. Holders who own SPCT anticipate an over-3x return (220%), which is how much the token will have grown when VC Spectra officially launches.

With VC Spectra (SPCT) covered, let’s look at Bitcoin Cash news and Bitcoin Cash price prediction assessment.

>>BUY SPCT TOKENS NOW<< 

Bitcoin Cash (BCH) Boosted By Grayscale Victory Over The SEC

Bitcoin Cash (BCH) is outperforming the top 10 altcoins like BNB and ADA, thanks to Grayscale’s much-celebrated court appeal victory against the Securities and Exchanges Commission (SEC). Analysts expect a Bitcoin exchange-traded fund (ETF) to be coming soon, boosting the value of related projects like Bitcoin Cash (BCH). Bitcoin Cash (BCH) experienced a similar pattern in June when BlackRock filed a Bitcoin ETF. 

Since August 17, 2023, Bitcoin Cash (BCH) is up an impressive 35% from $162 to $219. Such a push has indeed altered Bitcoin Cash price prediction prospects. Interestingly, Bitcoin Cash (BCH) has surpassed most 2023 value expectations. 2024 may see the token worth at least $400 by the end of the year.

Now, onto Polygon MATIC news and Polygon price prediction analysis

Lufthansa Airline Launches NFT Loyalty Program On Polygon (MATIC)

From aligning with Shiba Inu’s Shibarium to an initiative supporting Ethereum developers, Polygon (MATIC) is receiving positive attention. The project is also known for exciting strategic partnerships, now recently with Lufthansa. 

Passengers can convert into Polygon (MATIC) non-fungible tokens to unlock rewards like business lounge vouchers, flight upgrades, and miles. This is good news, as the blockchain is known for minting the most popular NFTs.

Polygon (MATIC) keeps teasing its much-anticipated ‘Polygon 2.0,’ a new era for the blockchain dubbed the ‘The Value Layer of the Internet.’ Thus, excitement is in the air for Polygon (MATIC), up 10% since August 22, 2023, from $0.52 to $0.58. 

What does this all mean for Polygon price prediction study? Having reached $0.89 not long ago, Polygon (MATIC) will likely revisit this target by 2024.

Overall, while Bitcoin Cash (BCH) and Polygon (MATIC) are always the altcoins to watch, VC Spectra (SPCT) is the most profitable option.

Learn more about the VC Spectra presale here:

Buy Presale: https://invest.vcspectra.io/login 

Website: https://vcspectra.io  

Telegram: https://t.me/VCSpectra 

Twitter: https://twitter.com/spectravcfund

Polygon (MATIC) and TRON Facing Extinction! VC Spectra’s Stage 2 Presale: Your Ticket to Crypto Riches

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The future of Polygon (MATIC) and Tron (TRX) holds some doubt, while VC Spectra (SPCT) hints at potential high returns. It’s clear that investors are already paying close attention to VC Spectra’s (SPCT) impressive performance during its presale.

Making outstanding numbers on its presale, VC Spectra (SPCT) is the path to crypto prosperity. Let’s know why.

>>BUY SPCT TOKENS NOW<<

Polygon (MATIC) Enhanced Ethereum Scalability with polygon 2.0 and zkEVM

The introduction of Polygon 2.0 and zkEVM in Polygon’s (MATIC) ecosystem has notable improvements in privacy and efficiency. Despite the significant upgrades, Polygon’s (MATIC) price has declined as it remained under bearish control. The broader market sentiment could be a major contributing factor to this level of volatility.

However, investors anticipate a positive movement for Polygon (MATIC) due to the recent boost in the excitement surrounding new tokenomics, from MATIC to POL as Polygon 2.0.  Meanwhile, Polygon (MATIC) plummeted by 2.66%, sliding down to $0.6739 in the last 24 hours. Also, Polygon (Matic) has declined by 8.04% in the past seven days. 

Technical indicators reveal that Polygon (MATIC) is overwhelmingly bearish, with 27 indicating negative signals. Experts imply that if Polygon (MATIC) could not hold to the $0.60 support level, it could plunge to as low as $0.30.

Tron (TRX) Founder Purchased 5 Million CRV in OTC Deal

On August 1, 2023, Tron’s (TRX) founder, Justin Sun, purchased five million CRV tokens with Curve founder Michael Egorov. The address of this transaction was labeled as ‘Ccurve.fi Founder’ in an attempt to help with Curve Finance’s bad debt situation.

As per Lookonchain analytics, TRX founder bought CRV tokens at an average price of $0.4 via an over-the-counter (OTC) transaction worth $2 million, which he paid in USDT. Investors are of the opinion that this will not significantly affect the price of Tron (TRX). However, Tron (TRX) is already on a negative roll as it has had a downfall since July 31.

Currently, Tron (TRX) is trading at $0.0766, a 1.51% dip in the last 24 hours. Also, Tron (TRX) has lost significant trading volume by 6.26% in the same time frame. Tron’s (TRX) MACD and signal lines are below the zero line, indicating bearish signals. Moreover, reports suggest that Tron (TRX) will likely go down more, although how much is up for debate?

Discover Lucrative Possibilities With VC Spectra (SPCT) Stage 2 Presale

As a leading firm driving fintech and blockchain innovation, VC Spectra (SPCT) is a decentralized asset management protocol and trading platform. Moreover, VC Spectra (SPCT) uses a rigorous selection process to discover promising blockchain and technology ventures with high potential.

Furthermore, VC Spectra (SPCT), a BRC-20 standard token, is used in trading and asset management within VC Spectra’s ecosystem. Beyond token ownership, VC Spectra (SPCT) offers eye-catching rewards and quarterly dividends based on token holdings. 

At the moment, VC Spectra (SPCT) is running in Stage 2 of its public presale, where more than 48.9 million SPCT tokens are already sold. Now, investors can get VC Spectra (SPCT) at $0.011, a jump of 37.5% from Stage 1 price at $0.008. 

If investors had joined VC Spectra (SPCT) journey from Stage 1, they would have been prompt to get a 900% surge in their initial investment. Also, a limited-time offer of a 25% bonus is attached to investors’ wallets if they make their deposits. 

Learn more about the VC Spectra presale:

Buy Presale: https://invest.vcspectra.io/login

Website: https://vcspectra.io 

Telegram: https://t.me/VCSpectra

Twitter: https://twitter.com/spectravcfund

Polygon Scores A Sweet Deal With 7-Eleven’s Slurpee NFTs

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The Polygon [MATIC] network will now feature the ice-cold slushy called Slurpee in the form of a digital collectible, made possible by 7-Eleven, the world’s largest chain of convenience stores. The dessert-themed NFT game, accessible only via mobile devices, would showcase a virtual 7-Eleven Slurpee cup and four flavors: Cherry, Blue Raspberry, Pina Colada, and Summertime Citrus.

“We’re always looking for new and creative ways to celebrate with our customers on our favorite day of the year,” Marissa Jarratt, Chief Marketing & Sustainability Officer at 7-Eleven said in a press release. “Maybe you’ll even give us some inspiration for future flavors,” she added.

Anyone interested can select any or all flavors to make the Slurpee of their dreams. After filling the cup, the collector is given the option to either claim their “Slurpee Vibe Digital Collectible” or return to the previous screen and start anew.

The user can choose “claim now” if they are happy with their creation to go to the following screen, which requests their name, email address, and phone number. To redeem the Slurpee NFT, the collector will get a six-digit code through email.

Several high-profile brands have teamed up with the MATIC network to work on various Web3 projects. Some of the projects include the coffee giant Starbucks Odyssey rewards program on Polygon, which is currently open in beta to limited users.

In 2022, Meta tapped into Polygon to leverage blockchain technology and explore the NFT space via the social platform Instagram. And it will introduce its first paid collectible after providing some free prize NFTs to early customers.

Polygon Fared Well In The NFT Domain

The Ethereum scaling network has witnessed double-digit growth in the NFT metrics over the past week. According to information from Cryptoslam, the overall volume of NFT sellers and purchasers has increased by 20% during the last week. Both the total number of NFT transactions and its total sales volume climbed by more than 25%, which strongly suggests that NFT activity has expanded.

Due to several positive on-chain signs, MATIC’s price clocked gains of roughly 30% over the past month at $0.73. According to an on-chain expert, a “mini-run” was started by the 12th-ranked asset, which was still up 6% in the weekly index.

MATIC Fast Ceding Ground After SEC’s Charges, Experts Find Safe Haven In This Staking Project

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Following the Polygon network’s recent brush with the US Securities Exchange Commission (SEC), the platform’s native token MATIC has also taken a hit. Earlier in June, the regulatory body had filed lawsuits against two leading crypto exchanges – Binance and Coinbase – and accused them of selling unregistered securities. The SEC named multiple popular altcoins including Polygon among the “unregistered securities” that the two exchanges were accused of selling. The MATIC token is yet to gain back the momentum that it lost after the lawsuits.

Amidst the market gloom, analysts are now raving about a new project that doubles up as a meme coin and a stake-to-earn platform. Powered by Ethereum, DigiToads (TOADS) is among the altcoins to watch out for in 2023. It’s built on a hybrid DeFi model where one can explore multiple avenues for earning residual incomes.

DigiToads: Stake, trade and play to boost your crypto gains

DigiToads is an upcoming cryptocurrency project that leverages the potential of hybrid DeFi. Built by combining the features of three cryptocurrencies, the DigiToads enables its user to access staking, trading, playing Web 3.0 games, and winning with prize draws. Its native coin TOADS is currently available on presale, and serves as the medium of exchange on the network. It’s modeled on the ERC-20 standard of the Ethereum network

The TOADS token has already made it to the leading analysts’ best cryptocurrency ico list for 2023 due to its presale success. Available for 0.047 USD during its 9th stage, the coin is selling out fast. In the past eight presale stages, the team has managed to sell 94% of the tokens it had reserved for the 10 presale stages. What adds to the lure of the token is that there’s no vesting period, so buyers can access their tokens as soon as the transaction is processed.

DigiToads has been drawing a lot of attention because of its Web 3.0 game where players can enjoy thrilling gameplay with exciting rewards. What’s unique about the game is that there is not one winner but multiple winners. The Top 25% of the scorers are rewarded with TOADS tokens. 

Also, these game seasons are short – a month long – so you can participate in the game multiple times in a year. To score high in the game, the participants have to complete challenges in a virtual swamp while outperforming competitors. They can up their chances of winning by buying or trading digital creatures called DigiToads. These virtual beings have special powers and supreme strength which makes them an ideal ally. The catch is that every DigiToad will have a separate set of traits, so you have no idea if your competitor’s DigiToad is any better than yours. 

Head over to the presale as DigiToads is widely acclaimed as one of the best cryptocurrencies to buy in today’s market as per market experts. 

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Polygon and Warner Music join hands for a music accelerator programme

Polygon is among the leading platforms that can amp up the efficiency and scalability of Ethereum-based dApps, virtual machines, and other decentralized systems. Its native token is MATIC and it’s the main cryptocurrency of the network. One of its popular offerings is Polygon PoS which can facilitate EVM compatibility and high-speed transactions at zero gas fees. With Polygon, developers can also deploy app-specific blockchains with its Supernets feature. In a recent development, Warner Music Group (WMG) announced that it will be joining hands with Polygon network to roll out a music accelerator programme to encourage blockchain-powered music projects and dApps. WMG stated that the ideal participants for the accelerator would be firms or entrepreneurs leveraging ways to amalgamate music, Web 3.0, and technology. WMG says the participants should focus on areas like setting up decentralized music production and distribution systems, merchandise, ticketing solutions, and virtual or physical collectibles.

Conclusion

If you are not sure about what cryptos to buy now, an important parameter to consider is their growth potential. While both Polygon and DigiToads have their strengths, if you sit down to compare their potential, most analysts would point you towards DigiToads, all thanks to its hybrid DeFi model. Apart from what it fetches as market returns, one can explore multiple opportunities to earn passive income. Users can also turn them into steady sources of passive income in the long run. In the coming months, analysts feel that the TOADS token can potentially register King-sized gains. 

Visit DigiToads Presale

Mint DigiToads NFTs Here

Buy DigiToads NFTs on OpenSea

Join the community 

Weekly Market Watch: Bitcoin & Ethereum Tumble, Altcoins Follow Suit

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Over the course of the previous week, the cryptocurrency market experienced a decline in optimism, marked by a bearish trend. Both Bitcoin and Ethereum encountered notable losses as they dropped to their respective support levels.

The past week witnessed a significant crash triggered by a recent lawsuit filed against two leading cryptocurrency exchanges, Binance and Coinbase, by the U.S. Securities and Exchange Commission (SEC). 

The SEC’s case against Binance brought forth an important classification, as 10 cryptocurrencies were introduced into the securities category. These cryptocurrencies include BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos, The Sandbox, Decentraland, Axie Infinity, and COTI.

Furthermore, the SEC’s lawsuit against Coinbase named 13 cryptocurrencies, reinforcing the classification of SOL, ADA, MATIC, SAND, and AXS, while introducing an additional six cryptocurrencies: Chiliz (CHZ), Flow (FLOW), Internet Computer, Near, Voyager Token (VGX), and Nexo. 

This legal action and the subsequent classification of these cryptocurrencies have played a significant role in the recent market crash, impacting the cryptocurrency industry as a whole.

Various alternative cryptocurrencies, commonly referred to as altcoins, faced a substantial downturn on the weekly chart. Nevertheless, as the week drew to a close, a handful of these altcoins managed to regain some of their losses, although a few still remained in the red on both the weekly and daily charts.

Aptos (APT) is at the top of the list of altcoins experiencing significant losses this week, followed by Solana (SOL) and Polygon (MATIC), second and third place, respectively.

Aptos (APT) experienced a notable increase of 30% over the course of the past seven days; however, it has managed to make a slight recovery, according to the daily chart. As of now, APT is being traded at $6.22, reflecting a 5% rise within the last 24 hours. 

Source: CoinMarketcap

Additionally, there has been an 18.18% decrease in the token’s trading volume over the same 24-hour period. Starting the week at $9.1985, the token reached its daily low of $5.7178.

Meanwhile, Solana is also hit hard by the market situation. Over the past week, SOL has experienced a significant loss of approximately 29%. As reported by TronWeekly previously, the Solana Foundation states that SOL is the native token of the decentralized Solana blockchain. They emphasize that SOL should not be considered a security.

Currently, SOL is trading at $15.14, reaching a low of $13.38 and closing the week at $15.56 after starting the week at $21.82. These figures indicate a notable downturn in performance. In the last 24 hours, the token has experienced a 3.35% decrease, while its trading volume has also decreased by 50.35% in the same time period.

Source: CoinMarketcap

Additionally, Polygon (MATIC) has also gained significant attention due to its weekly performance and notable decrease of about 29%. 

Source: CoinMarketcap

In response to US SEC action Polygon Lab tweeted their pride in the history of the Polygon network, emphasizing its development and deployment outside the U.S. They highlighted the network’s global community support and the importance of MATIC in ensuring its security. 

While making MATIC available to a wide group, they ensured that their actions did not target the U.S. They expressed gratitude for the efforts of regulators, policymakers, and contributors worldwide and conveyed confidence in their past actions and future development. They also teased exciting tech announcements for the week.

Moreover, some popular coins are experiencing losses in weekly charts, including ADA at 24%, LTC at 16%, and SHIB, with an increase of 22%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the previous week, Bitcoin, the prominent cryptocurrency, endured a notable decline as it hit a crucial support level at around $25,400. This development raised concerns among investors and market observers.

Source: CoinMarketcap

Adding to the cryptocurrency industry’s tumultuous week, on June 5th, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.

However, on June 8th, the analytics firm Santiment provided a glimmer of hope for Bitcoin enthusiasts. In a tweet, Santiment highlighted the increasing volatility across the overall market and emphasized the surge in Bitcoin’s utility. 

They reported that the number of unique addresses engaging with the Bitcoin network had surpassed 1 million on each of the preceding two days. This occurrence marked the first time since April 21st that such a level of activity had been observed on the Bitcoin network.

During the preceding week, Ethereum, another prominent cryptocurrency, experienced a trajectory similar to Bitcoin. The price of Ethereum dropped to a low point of $1,721.44, causing concern among investors and traders.

Source: CoinMarketcap

Adding to the analysis of Ethereum’s market dynamics, the analytics firm Santiment provided insights through a tweet. They reported that the supply of Ethereum on exchanges had reached record lows, currently standing at just 9.47%. 

This decrease in supply suggests a lower risk of a future selloff in the Ethereum market. It indicates that fewer investors are willing to sell their Ethereum holdings, potentially stabilizing the market and reducing downward pressure on the price.

However, Santiment also highlighted a potential source of volatility. They observed that the number of active deposit addresses for Ethereum had reached its highest level since March.

According to CoinMarketCap, Bitcoin is currently trading at $25,834.00, with a 3.79% decrease over the past seven days and 0.51% in the past 24 hours. On the other hand, ETH is being traded at $1,740.66, experiencing a 0.84% decrease in the past 24 hours and 7.11% over the past seven days.

Related Reading | Binance CEO Debunks False Narratives Surrounding Altcoin Drops, Highlights Market Complexity

SEC- Listed Securities Crash, Crypto Liquidation Soars Over $200M In An Hour

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Dramaticly, the world of cryptocurrencies experienced a tumultuous hour as several tokens, previously classified as securities by the SEC, witnessed a sharp decline. 

The token market saw a flurry of losses as MATIC tumbled by a staggering 19%, SOL by 17%, ADA by 16%, FIL by 22%, and SAND by 19%. Even tokens not listed as securities, such as OP SUI BSV EOS, were not spared from the market plunge. 

Source: CoinGecko

However, amidst the chaos, Bitcoin (BTC) and Ethereum (ETH) managed to maintain relative stability, with only a slight decline in their values, according to coingecko.

The repercussions of this sudden downturn were not confined to token values alone. The liquidation amount surged past an astonishing 200 million U.S. dollars within a mere hour, leaving many investors reeling. 

The latest data from Coinglass, a trusted source in the realm of cryptocurrency, unveiled these alarming figures. Notably, the 24-hour period witnessed a total liquidation of $362.45 million, a staggering amount.

Analyzing the liquidation data, it becomes apparent that the market carnage affected both long and short positions. The total liquidation amount for long positions stood at a massive $325.70 million, while short positions faced liquidations amounting to $36.75 million. 

Source: Coinglass

These figures provide a glimpse into the magnitude of the crisis unfolding within the crypto market. Digging deeper into the data, it is revealed that a significant portion of the liquidation activity, amounting to 126.09 liquidations, originated from the popular cryptocurrency exchange Binance. 

This revelation highlights the impact of this market turmoil on one of the largest players in the crypto trading arena.

While investors and analysts grapple with these startling developments, the cryptocurrency market’s future remains uncertain. 

The drastic decline in token values, the astronomical liquidation figures, and the pronounced influence on Binance all contribute to an atmosphere of trepidation and speculation. 

Companies Dismisses Claims As A Security In Crypto Showdown

As SEC recently filed lawsuits against major crypto exchanges Binance.US and Coinbase, alleging that they facilitated the trading of crypto asset securities, including Solana (SOL), Cardano (ADA), Polygon (MATIC), and others mentioned in the lawsuit.

In response, the Solana Foundation has come forward to contest the U.S. SEC labeling of its SOL token as an unregistered security. 

According to a statement from the Solana Foundation, SOL is the native token of the Solana blockchain, a community-driven open-source project that relies on decentralized user and developer engagement. The foundation firmly believes that SOL should not be classified as a security.

At a recent hacker house event held by Solana in New York City, members of the community expressed little concern regarding the regulatory implications. One developer, in particular, remarked that the security designation of SOL would not significantly impact those buildings on the Solana network.

In a similar vein, the Cardano development company, IOG, dismissed the SEC’s claims that ADA, Cardano’s native token, should be considered a security. 

IOG labeled the allegations made in the SEC lawsuits as containing “numerous factual inaccuracies” and stated that ADA’s status as a security has no bearing on the company’s operations. 

IOG emphasized the importance of understanding decentralized blockchains when formulating responsible legislation, asserting that regulatory clarity is paramount for both the blockchain industry and consumers.

Related Reading | Crypto Clarity: EU’s MiCA Legislation Sets The Stage For Consistency & Security

Robinhood To Cease Support For Cardano, Polygon,& Solana Following SEC Findings

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In a surprising move, popular investment platform Robinhood has announced its decision to end support for three prominent cryptocurrencies: Cardano (ADA), Polygon (MATIC), and Solana (SOL).

The decision comes after the U.S. Securities and Exchange Commission (SEC) recently determined that a significant number of tokens listed on major exchanges Coinbase and Binance qualify as securities.

Robinhood, widely known for its user-friendly interface and accessibility to retail investors, has been offering a diverse range of cryptocurrencies for trading. 

However, due to the SEC’s findings, the platform has deemed it necessary to discontinue support for ADA, MATIC, and SOL. The delisting will occur on June 27th, 2023, at 6:59 PM Eastern Time.

The company announced a post titled “Cardano (ADA), Polygon (MATIC), Solana (SOL) Update,” where they emphasized their commitment to regularly reviewing the cryptocurrencies available on their platform. Based on their most recent assessment, Robinhood has decided to halt support for the aforementioned tokens.

Robinhood: Deadline & Options For Users

Affected users need not panic, as they will still have the ability to buy, sell, and hold ADA, MATIC, and SOL until the specified deadline. Additionally, transfers of these cryptocurrencies will be permitted until June 27th, 2023. 

However, it’s important to note that residents of Hawaii and Nevada will be unable to purchase ADA, MATIC, and SOL. In contrast, residents of New York will not be allowed to transfer these tokens.

Any remaining ADA, MATIC, and SOL in users’ Robinhood Crypto accounts will be automatically sold at their market value after the deadline. The proceeds from these sales will be credited to users’ Robinhood buying power, which can then be utilized for future investments.

The announcement explicitly states that this decision solely affects ADA, MATIC, and SOL, reassuring users that all other cryptocurrencies held on Robinhood will remain unaffected. Traders residing in states other than Hawaii, Nevada, and New York can continue to engage in transactions involving other available coins.

To alleviate concerns about the safety of users’ cryptocurrencies, Robinhood emphasizes their adherence to industry-leading security measures. 

The vast majority of customers’ holdings are stored in cold storage, a secure offline environment. Additionally, Robinhood affirms that they do not engage in lending or leveraging customers’ coins, ensuring their protection.

For those unwilling to part ways with their ADA, MATIC, and SOL investments, the option to transfer these tokens to external wallets or other crypto platforms is available for users residing in states where transfers are permitted. 

However, after the deadline, any remaining ADA, MATIC, and SOL in Robinhood accounts will be automatically sold and credited to users’ Robinhood buying power.

Related Reading |Ripple Resilience: XRP Holds Strong At $0.50 Amidst Regulatory Storm

Weekly Market Watch: Bitcoin & Ethereum Recovery, Altcoins Follow Suit

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Over the course of the previous week, there has been a slight surge in optimism within the cryptocurrency market. Bitcoin and Ethereum have managed to slightly surpass key resistance levels, indicating a modest rebound. 

This development has had a limited but positive effect on the overall market sentiment. Furthermore, a number of altcoins cryptocurrencies have experienced noteworthy growth in the weekly chart.

NEO is at the top of the list of altcoins experiencing significant gains this week, followed by Conflux (CFX) and Polygon (MATIC) in second and third place, respectively.

NEO has witnessed a remarkable surge of 20% in the last seven days, surpassing other top 60 tokens in terms of market capitalization. In the course of 14 days, it gained about 23.4%; the remarkable success of the token can be credited to the collaboration between Neo, the foremost blockchain platform driven by an open-source community, and AlchemyPay. 

AlchemyPay’s integration with Neo provides a seamless connection between fiat and crypto economies, enabling convenient entry and exit points to the Neo ecosystem.

At present, NEO is trading at $11.29, demonstrating a 5% increase in the past 24 hours and a slight 7.65% surge in the 24-hour trading volume. The token hit its peak of $11.45 after beginning at $9.1174, displaying a strong and remarkable performance. 

Source: CoinMarketcap

Meanwhile, Conflux (CFX) is also gaining attention from the community as a second top weekly performer. Over the past week, CFX has experienced an impressive surge of approximately 15%. 

The token’s remarkable performance is due to the latest announcement stating that HaloWallet now supports a greater number of DApps on the Conflux Network. Users can now trade with Dmailofficial, CelerNetwork, GoledoFinance, SwappiDEX, and OfficialNucleon Dapps on Halo Wallet.

Currently, CFX is trading at $0.3264, reaching a peak at $0.3389 and closing the week at $0.329 after starting the week at $0.2964. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 1.24% increase, while its trading volume has decreased by 7.27% in the same time period.

Source: CoinMarketcap

Additionally, Polygon (MATIC) has also gained significant attention due to its weekly performance and notable gain of about 10%.

Source: CoinMarketcap

It can be attributed to the news that Blueshift, a cross-chain liquidity aggregator, has announced that they are now live and operational. Users can now enjoy seamless bridgeless cross-chain swaps between Polygon and Cardano.

Moreover, some popular coins are experiencing gains in weekly charts, including SOL at 6%, DOT at 4%, and Filecoin, with an increase of 6%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The leading cryptocurrency, Bitcoin, has witnessed a notable resurgence as it approached a critical resistance level. Following a period of 17 days, the currency successfully surged to $28,000. 

Subsequently, on May 10th, Bitcoin encountered a significant decline, leading to a subsequent trading range fluctuating between $27,646.35 and $26,600.14. However, on May 28th, it exhibited a recovery and reached the resistance point of $28,193.45.

Source: CoinMarketcap

Similarly, Ethereum followed a similar trajectory during the previous week. On May 10th, it experienced a decline after reaching a notable resistance level of $1,900. Nevertheless, Ethereum managed to sustain a consistent trading range, oscillating between $1,835.55 and $1,742.40. However, it has recently shown signs of recovery, with its value climbing back to $1,915.72.

Source: CoinMarketcap

Meanwhile, Santiment tweeted that the cryptocurrency market has experienced a notable revival during the ongoing Memorial Day Weekend in the United States. Specifically, as Bitcoin and Ethereum regained their position. 

However, the most remarkable development revolves around Fantasy gold, which has emerged as a significant highlight by skyrocketing an impressive 948% over the past week. The tweet also highlighted an overall increase in social volume for nearly all crypto assets, indicating heightened activity and interest in the market.

According to CoinMarketCap, Bitcoin is currently trading at $27,910.91, with a 3.95% increase over the past seven days but a 2.53% increase in the past 24 hours. On the other hand, ETH is being traded at $1,900.30, experiencing a 2.83% decrease in the past 24 hours and a 4.95% increase over the past seven days.

Related Reading | Bitcoin Core 25.0 Release: Enhanced Transaction Support & Improved Performance

Polygon Sees 2nd Largest Spike In Whale Inflows

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Polygon is witnessing one of the largest spikes in whale exchange inflows of the year as 60 million tokens are moved to exchanges.

The whale in question, according to the on-chain analytics platform, Santiment, is one of the largest self-custody Polygon addresses, whose recent action caused the exchange supply of the network to increase to a five-week high of 7.92%. This is the second-largest surge in tokens switched to exchanges this year, Santiment noted.

Typically tokens transfers of such scale by whales leave a significant impact on the overall health of the network. Although these moves might be a sign of market activity and liquidity, they can also cause market volatility and price fluctuations, therefore it’s crucial for investors to exercise caution when such activity occurs.

Whales which are large holders, generally move their tokens to exchanges with the intention of selling them.

It’s also important to keep in mind that this specific whale has self-custody, which could be a plausible explanation for the significant movement of tokens. According to Santiment, the whale still holds a sizable quantity of MATIC, holding 3.78 billion tokens.

“Be cautious when whale exchange inflows happen. But note that the whale still owns 3.78B”, the data platform added.

A few months ago, a Polygon whale deposited $5.2 million in MATIC to Binance, data from the cryptocurrency transaction tracker service Whale Alert showed.

Over 4 billion MATIC tokens were moved to the Ethereum blockchain in a few hours.

Polygon: Whale Movements Are Crucial Price Indicators

Given that the amount involved is quite significant, it is safe to assume that a large-scale investor could be behind the transaction.

In order to determine if an asset has a bullish or negative price outlook, traders and investors typically watch the movements of these cohorts of holders, who have the ability to influence market prices.

The direction of the asset’s value can be determined by such substantial transactions, regardless of whether they were undertaken for buying or selling motives [or possibly neither of these].

MATIC in tandem with the altcoin troupe was trading in the red. At the time of writing this article, the ninth biggest crypto was down 3% in the last 24 hours at $0.96, per CoinMarketCap.