Is Polygon Really Dying? POL Price Hits 2021 Low

October 25, 2024

By Coingapestaff

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Highlights

POL price has hit its lowest since 2021, sparking concern among investors.
NFT and Gaming Boom: NFT sales and gaming activity signal rising user interest and scalability.
DeFi and Real World Assets: Partnerships in DeFi and tokenised assets boost Polygon's appeal in finance.
POL price has dropped by 1% in the last 24 hours and 5% in a week.

Polygon’s POL token price tumbled to its lowest level since 2021, hitting $0.34. Is Polygon really in trouble as the community raises concerns?

Notably, Polygon continues to shine in NFTs, DeFi, gaming, and Real World Assets (RWA). With a strong Total Value Locked (TVL) highlighting its resilience, the blockchain is showcasing strength. Let’s take a closer look at what’s driving its success.

Polygon Ecosystem Grows Despite Token Free-Fall

Polygon has been making strides in gaming, with projects like Hunter On-Chain attracting large audiences and solidifying its position in blockchain gaming. The DeFi space remains robust, with platforms like AAVE contributing to a stable and impressive Total Value Locked (TVL). This rise in active users across both gaming and DeFi underscores the growing trust in its ecosystem and signals expanding influence across sectors.

Despite the dip in price, NFTs on Polygon are thriving. In recent months, the platform has seen a surge in NFT sales, indicating a strong demand for digital art and collectibles. This increased interest highlights its scalability and low transaction fees, making it a preferred choice for creators and buyers compared to other platforms. The continued growth of the NFT market reflects the network’s resilience, even amid market fluctuations.

The platform’s vision extends beyond digital assets, venturing into real-world assets (RWA) through a collaboration with MBD Financials to bridge digital and tangible assets in a new “Phygital Marketplace.” This move expands its reach, adding a layer of real-world application.

POL Price Analysis: Understanding Recent Changes

POL price performance is trading at $0.3507, with a 24-hour low of $0.3469 and a high of $0.3590. Over the past 24 hours, the trading volume has reached $57.88 million. In the last month, the price has dropped by 15.56%, and year-to-date, it has decreased by 45.65%.

In the futures market, POL’s trading volume has decreased by 36.58%, while open interest has fallen by 2.57%. This shift has caught the attention of many, as they closely monitor POL’s price movements and speculate on what might happen next. Some observers are hopeful, seeing signs of a potential recovery and anticipating that the price will stabilize as market conditions improve.

Furthermore, Polygon price has maintained bullish prospects among investors as it embraced the meme coin trend with the recent launch of POLY, inspired by the popular SUI token. This addition demonstrates its commitment to community-driven initiatives and adaptability to market trends, positioning it well for future growth.