As a seasoned researcher with years of experience navigating the dynamic world of cryptocurrencies, I find myself intrigued by Coinbase’s recent move to enable transactions for POL following its ticker change from MATIC.
Coinbase has restarted services for Polygon after the platform changed its governance token from MATIC to POL. Previously, Coinbase paused transactions involving Polygon during this transition period. Today, they announced that users can now send, receive, and trade Polygon under the new ticker symbol POL.
Coinbase Enables Transactions For POL After Ticker Change
On the X platform, Coinbase recently reported that they’ve resumed operations for Polygon following their migration from MATIC to POL. The exchange had temporarily halted transactions linked to Polygon on August 26, 2024, in order to smoothly transition to the new governance token.
After the migration, users are now able to transmit, accept, and exchange the token using the new POL symbol in all locations.
The migration is a step in Polygon’s plan to enhance its platform by making POL the primary token for transaction fees and staking within the Proof-of-Stake (PoS) system. Yet, those who stake MATIC will keep getting rewards during their active staking periods until they finish.
Impact of The Migration on Polygon Network
The switch from MATIC to POL was intended to streamline governance and staking on the Polygon network, as POL is set to become the standard for staking. However, despite the news of Coinbase resuming support, POL has experienced market challenges.
Following Coinbase’s announcement of support for the POL token, it initially experienced a jump of 10%. However, since then, it has faced difficulties, mirroring overall market patterns. Over the past month, its value has decreased by 12%, and currently, it stands 71% lower than its peak in March 2024.
As a researcher, I find myself reporting that as of September 11, the cryptocurrency known as POL stands at the 30th position in terms of market capitalization, boasting an estimated value of around $2.5 billion. At present, each token is trading for roughly $0.378. The price fluctuations persist for this token, as the market adapts to the impacts of its migration and broader market circumstances.
POL Price Shows Strength Amid Migration
Based on recent news updates, it appears that the price of POL is exhibiting signs of improvement. In fact, the Moving Average Convergence Divergence (MACD) indicator on its daily chart suggests a shift in momentum. More specifically, the MACD histogram hints at a weakening bearish trend, as the size of the red bars has significantly decreased, which could suggest that selling pressure might be diminishing.
Furthermore, it seems that the Moving Average Convergence Divergence (MACD) line is getting close to a bullish intersection with the signal line. If this trend continues, it might suggest a move towards increasing bullishness. The market’s volatility suggests a response to the transition of MATIC to POL, as buyers enter the market as the token begins to settle.
Furthermore, it’s worth noting that Coinbase’s shares have recently seen an upward trend, fueling optimism among investors regarding Brett, Degen, and Toshi. This surge can be partially linked to the expanding achievements of Coinbase’s Layer 2 (L2) network, known as Base.
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2024-09-11 21:18