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How did this crypto shoot up 60% in this area

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Crypto assets have various utilities, but at the end of the day, their performance will be evaluated by their trading price, volume, and total market capitalization.

Perhaps this is the lesson that has been reminded of Polygon and its native cryptocurrency MATIC, which has continued to decline after hitting an all-time high just 10 months ago.

14The tenth The largest cryptocurrency by market cap, according to KoenigkuIt is trading at $0.813 as of this writing. It has fallen 1.6% over the past 24 hours but is still up 6.2% over the past seven days.

While still far from the $2.92 ATH hit by the cryptocurrency on December 27, 2021, the asset is among the assets in the green as the cryptocurrency market prepares for the end of 2022.

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MATIC performs well in the Dapps area

Recently, Polygon released a report that supposedly contains one of the network’s significant achievements for 2022.

This relates to the unprecedented growth in the number of decentralized applications (Dapps) created on the Polygon chain, which reached the 53K mark at the end of this year.research and development quarter this year.

The number is three times greater than the figure recorded by Polygon in March of this year and 60% higher than the total for the whole second.second abbreviation a fourth.

The creator of the MATIC crypto has every reason to celebrate this feat, considering that Dapps are often integrated into the Ethereum network.

One possible reason for this rise is the recent partnership between Polygon, Starbucks, Robinhood, and Nothing.

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Cryptography continues to struggle amid a milestone

While Polygon is enjoying its success in the Dapps arena, its encryption isn’t looking good at the moment by some metrics.

MATIC’s 24-hour trading volume as of this writing is $271.58 million after declining 6.86%. Crypto is also seeing a drop in its trading data for one day.

On October 3, the digital asset recorded 117.36 million bids in circulation. This number has dwindled significantly to just 869,000 at the time of writing.

Cryptocurrency addresses also fell, from 2,747 to 2,407, although the decline appears to be insignificant.

Negativity seems to continue to accumulate for MATIC, as its social size is also on a downward trend, indicating that the crypto community is not excited about the asset’s future.

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The token currently stands at an almost insignificant social dominance of 0.023%, a few steps away from 1.589% recorded on September 21, 2022.

MATIC total market cap at $7.21 billion | Featured image from The Daily Hodl, Chart: TradingView.com

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Cryptocurrency

AAX agents storm the Lagos stock exchange office after it went out of business

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A Nigerian client of cryptocurrency exchange AAX has reportedly attacked the company’s Lagos office and harassed its employees, in retaliation for a recent moratorium on withdrawals, according to local sources. reports From December 3.

Although it is unclear when the attack occurred, stakeholders in the Blockchain Technology Association of Nigeria (SiBAN) confirmed the storm in an announcement on November 28, urging angry users to be patient with exchange workers, who have also been affected by the issues. SiBAN noted:

“Therefore, we appeal and discourage any dissatisfied or angry user or investor for harassing or harming the AAX Country Manager (Nigeria), other local staff, and nationwide AAX ambassadors. These people also face the same situation that disaffected users and investors are. At the time of writing this Notice, We understand that communication between these people and AAX headquarters has been equally strained at this time. We therefore appeal to all Nigerian AAX users for understanding and patience.”

The AAX drama began on November 14, when the exchange took place Withdrawals stopped, indicating that there was a glitch in upgrading its system. AAX assured its community that halting withdrawals had nothing to do with FTX’s ongoing collapse, and denied any financial ties to the beleaguered exchange.

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After the announcement, Team AAX announce 15 to work on raising additional capital, as investors pulled their cash amid infectious fears after FTX’s bankruptcy. SiBAN commented on the situation:

“Considering that the upgrade of the AAX system came at a time when the collapse of FTX was still causing a contagious effect on the entire crypto industry, the timing of AAX for its system upgrade was fishy and questionable in the first place. Thus, for many AAX users and members of the public, the prolonged upgrade of the AAX system even At the time of writing this notice raises significantly more questions than answers. And AAX, contrary to its promise to maintain a daily status update, has so far neglected or failed to maintain the trust and confidence of its users.”

The Nigerian Society also indicated that its members are among the affected clients.

Related: Here’s how centralized exchanges aim to win back users after the FTX crash

On November 28, Ben Caslin, vice president of global marketing and communications at AAX, said: ResignedThis raised speculations that operations would not be resumed on the stock exchange. According to Caselin, despite his efforts in the struggle for the community, “none of the overtures we came up with were accepted. Any role I left for communication became empty.”

The former CEO of AAX also expressed his disagreement with the way AAX handled the problem. Caslin described the exchange’s actions as “unsympathetic” and “extremely opaque”.

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