Polygon

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Dragoma, a Web3 lifestyle sports application built on Polygon, was rug pulled in the latest example of such an event in the crypto community.
According to blockchain intelligence and security firm, PeckShield, the native token of the project – DMA – lost over 99% of its value following the incident.

DMA pumped to an all-time high on August 8 after the Singapore-based crypto exchange, MEXC, announced the listing of the token in the Assessment Zone and open trading for the DMA/USDT trading pair.
DMA then crashed to essentially zero after the team behind the fraudulent app pulled the rug.
Dragoma’s official website is currently down and the developers have deleted all the social media accounts.
PeckShield’s findings further revealed that the stolen funds appear to have been deposited into centralized exchanges.
Many experts consider rug pulls to be a less sophisticated but rampant crime in the crypto industry.
Last month, a Dogecoin rip-off called “TeddyDoge” pulled the rug on its users after pumping and dumping its native token, TEDDY.
In a bid to tackle the growing cases of rug pulls and other frauds related to virtual token distribution, misuse of private keys as well as hidden interests in crypto projects, New York State Senator Kevin Thomas introduced Senate Bill S8839 earlier this year.
The new bill calls for a law amendment that aims to impose rug pull charges on developers that sell over 10% of such tokens within five years from the date of the last sale of such tokens.

The post Polygon-Based Dragoma Rug Pulled, DMA Dumps 99% appeared first on CryptoPotato.

The price of its native token, DMA, has plunged to zero hours after getting listed on MEXC. 

cryptopotato.com

Polygon-Based Dragoma Rug Pulled, DMA Dumps 99%

A popular crypto analyst says that blockchain scaling solution Polygon (MATIC) is primed to rally ahead of Ethereum’s (ETH) much-anticipated Merge next month.
In a new video update, the pseudonymous host of Coin Bureau known as Guy says that MATIC is struggling despite seeing many bullish developments over the course of the past few months.
 
“The MATIC token has been hit hard by the crypto bear market and is down about 50% since I last covered the project in March, though it is starting to show some signs of recovery. 
Besides the crypto bear market, the MATIC token has been suppressed by sell pressure as indicated by the sizable increase in its circulating supply over the last few months. Since March, MATIC’s supply has increased by about 340 million.” 
According to the analyst, MATIC looks poised to surge despite its struggles as Ethereum updates from a proof-of-work mechanism to a proof-of-stake one. Guy says that Polygon will benefit from the switch as its scaling solutions will become more eco-friendly.
“MATIC is likely to continue its short-term rally regardless of these fundamentals and that’s because of Ethereum’s upcoming transition to a proof of stake, which is taking tokens like MATIC on a mission to the moon. 
Based on admittley amateur technical analysis, MATIC could rally to as high as $1.50 in the lead up to Ethereum’s Merge in mid-September. This is consistent with ETH’s own price action which is forecasting up to a 2x increase between now and then. 
This also makes sense because MATIC will almost certainly benefit from the Merge as it will make its scaling solutions more environmentally friendly by extension. This will increase Polygon’s already high appeal to institutional investors… 
Moreover, Polygon scaling solutions will still be needed post-Merge because the Merge won’t affect Ethereum’s transaction speeds or fees by all that much, if at all.”
MATIC is changing hands for $0.919 at time of writing, a 1.7% gain on the day.

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Featured Image: Shutterstock/Mia Stendal
The post Polygon (MATIC) Likely To Surge Ahead of Ethereum Merge Next Month, Says Coin Bureau Host appeared first on The Daily Hodl.


A popular crypto analyst says that blockchain scaling solution Polygon (MATIC) is primed to rally ahead of Ethereum’s (ETH) much-anticipated Merge next month. In a new video update, the pseudonymous host of Coin Bureau known as Guy says that MATIC is struggling despite seeing many bullish develop...

dailyhodl.com

Polygon (MATIC) Likely To Surge Ahead of Ethereum Merge Next Month, Says Coin Bureau Host

Polygon (MATIC) price has registered an intense bullish stride seen the past couple of weeks. The coin’s upcoming merge with Ethereum seems to have triggered the rebound.
MATIC price is hugely bullish ramming to a high of $0.9075, which is a little under July’s ATH seen at $1.01. MATIC has spiked by more than 190% compared to the lowest level figure registered in July which hauls its total market capitalization to a little above $6.7 billion.

Polygon Making Solid Ties
Polygon is a revolutionary layer-2 cryptocurrency scaling solution with an aim to amplify applications built in the Ethereum network. Polygon is able to scale a plethora of applications by processing the transactions outside of Ethereum network.
It is said to process 65,000 transactions per second and boasts of low transaction fees. Popular DeFi tokens built on Polygon’s ecosystem include SushiSwap, Uniswap, Curve, and Aave.
Polygon has also closed partnerships will Walt Disney for its 2022 Disney Accelerator Program, Disney for exploring AI, AR, and NFTs, and also most recently with Reddit with their upcoming launch of Collectibles Avatar NFT marketplace. More so, they also had partnerships with Stripe and Twitter.
Around 48 Terra projects also migrated to Polygon following its dismal implosion including Derby Stars and OnePlanet.
MATIC has registered a TVL amounting to $1.85 billion which is comparatively lower from its ATH of over $6 billion.

 Source: TradingView.com
MATIC’s 4-Hour Chart Shows A Bull Run  
MATIC’s four-hour chart clearly shows that the price is going for a bull run in the past couple of weeks which carved into an ascending channel pattern in green. Currently, MATIC price is seen to surge above both the 25-day as well as the 50-day moving average with the RSI shifting above the neutral zone.
With that in mind, MATIC is seen to rise as the bulls are eyeing the next key resistance at $1.50; inching below the support zone of $0.8500 will debunk the bullish standpoint.
Polygon price has surged aggressively in the past couple of weeks following the announcement of a merge with Ethereum which is said to happen in September.
Analysts are confident that majority of developers will choose to stay on Ethereum which is proven to be incredibly faster compared to other networks.
Following its recent rally, Polygon is now dubbed as the 13th largest crypto in terms of market cap with a value tagged at $7 billion, outpacing Shiba Inu and Avalanche.

 
Crypto total market cap at $1.04 trillion on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, chart from TradingView.com


Polygon (MATIC) price has registered an intense bullish stride seen the past couple of weeks. The coin’s upcoming merge with Ethereum seems to have triggered the rebound. MATIC price is hugely bullish ramming to a high of $0.9075, which is a little under July’s ATH seen at $1.01. MATIC has spiked...

newsbtc.com

Polygon, In Steady Bullish Trend, Could Jack Up MATIC To $1.5

A mega-wealthy non-exchange Ethereum (ETH) wallet is on a crypto shopping spree as the markets move cautiously into positive territory.
According to the data aggregator WhaleStats, the cryptocurrency wallet with the handle Bonobo has been splurging to the tune of more than $14 million in recent days.
 
The whale first spent over $1.1 million to acquire 1,199,999 tokens of the layer-2 scaling solution Polygon (MATIC).
Bonobo promptly went back for seconds, gobbling up another 2,049,996 MATIC for a cost of $1.9 million.
Next on the shopping list was the Bored Ape Yacht Club (BAYC) affiliated digital asset ApeCoin (APE), with Bonobo peeling off $1.3 million to acquire 199,999 APE tokens.
The data crunching site also reports that Bonobo has been gorging on FTX Token (FTT), native asset of the FTX cryptocurrency exchange.
The whale initially paid a massive $6.3 million for 203,786 FTT several days ago, then went back for more yesterday and bought another 80,000 tokens for a price tag of $2.4 million.
The last dish on the high-net-worth investor’s crypto feast was virtual world metaverse game The Sandbox (SAND), as the whale tucked away 1,650,016 SAND tokens at a cost of $2.2 million.
Bonobo is currently ranked fourth among richest Ethereum whales, with a wallet total value exceeding a staggering $850 million.
The whale’s holdings have fluctuated considerably over the past month, going from a low of $456 million on July 12th to a high of $961 million on July 21st before unloading $235 million worth of assets over the next five days.
The deep-pocketed trader has since maintained a balance above $800 million since July 28th.
Source: WhaleStats
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/Kate_Snowstorm
The post One of the Richest Ethereum Whales In Existence Accumulates Polygon, Apecoin, The Sandbox and One More Altcoin appeared first on The Daily Hodl.


A mega-wealthy non-exchange Ethereum (ETH) wallet is on a crypto shopping spree as the markets move cautiously into positive territory. According to the data aggregator WhaleStats, the cryptocurrency wallet with the handle Bonobo has been splurging to the tune of more than $14 million in recent d...

One of the Richest Ethereum Whales In Existence Accumulates Polygon, Apecoin, The Sandbox and One More Altcoin

The Polygon (MATIC) has had an impressive bull run seen in the last couple of days. The coin is treading above the EMA red lines as seen on the daily price chart. On the other hand, MATIC’s trading volume has plunged by as much as 42% or $1.1 billion overnight.  
MATIC price went for a bull run right after it breached the symmetrical triangle pattern spotted on the upside. As it turns out, $1.0 had been a critical level to break for a long time which was a tough challenge for MATIC.

MATIC/USDT Currently At $0.93
MATIC/USDT pair is currently trading at $0.93. Bears are having a hard time keeping the coin’s price under $1.0. Moreover, Polygon’s price is shooting for the 200 DMA line.
Meanwhile, Polygon’s total market capitalization has declined by 2.5% or is currently at $7.4 billion as seen over the past 24 hours. Trading volume for MATIC has also dropped by 42% or to $1.1 billion as seen overnight. RSI is also looking bullish as it was able to rebound successfully from its lower bottom.
Despite the bull run, Polygon has been struggling to bust the resistance level of $1.0.  However, a resistance breakout is looming for next week.
Valdrin Tahiri, a top crypto expert, said that Polygon was able to jump off the critical support at $0.74 plus was able to cross the resistance line. More so, MATIC is targeting to test and shift the resistance at $0.74 to the support line.
Polygon To Rise 20x To 60x In Next Bull Run
Tahiri says that MATIC is trying to complete the fourth of the five-wave sequence of downward movements as the coin is bottoming out. MATIC is now ready to breach the upward trend once the last leg of the five waves is completed and targeting $1.40.
CryptoFaibik, a popular crypto expert and YouTuber, was able to spot a bullish streak in the price chart of MATIC referred to as the Descending Broadening Wedge Breakout, which indicates the coin’s upside reversal. The crypto expert has set its eye on $1.97 or a 217% increase in MATIC price.
According to Michäel van de Poppe, a popular crypto expert and educator, MATIC’s price is set to increase around 20x to 60x in the next bull run or uptrend. More so, analysts have also seen a bullish streak in the Polygon price chart allowing exception gains.
MATIC traders and holders are enjoying the advantage of the partnerships and expansion projects that have been announced in the past month.


MATIC total market cap at $7.20 billion on the daily chart | Source: TradingView.com

Featured image from Analytics Insight, chart from TradingView.com


The Polygon (MATIC) has had an impressive bull run seen in the last couple of days. The coin is treading above the EMA red lines as seen on the daily price chart. On the other hand, MATIC’s trading volume has plunged by as much as 42% or $1.1 billion overnight.   MATIC price went for a bull run r...

Polygon price	$0.920368
Low - High 24H	$0.906093 - $0.950374
Market cap	$6.86B
Volume 24H	$397.87M
All time high	$2.92 -68.51% December 27th 2021
All time low	$0.003144 29111.70% May 10th 2019
Genesis date	N/A

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