Meme Coins Outperform Polygon Amid Steady Climb: Not MATIC’s Time Yet? 

While the cryptocurrency market has witnessed a bullish resurgence, the unexpected outperformance of meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) over major altcoins like Polygon (MATIC) has stirred up the crypto space. 

Meme Coin Mania

According to CoinGecko price data, the past seven days have seen DOGE and SHIB outshine MATIC by a significant margin. DOGE valued at $0.1705, has soared by 96.95%, while SHIB, at $0.00002904, has skyrocketed by 198.42%. 

In contrast, MATIC’s gains have been comparatively modest priced at $1.13, a 7.48% uptick over the past day. This unexpected surge in meme coin prices has left many scratching their heads, as these tokens were initially created as jokes or memes within the cryptocurrency community.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Polygon’s Steady Climb

While MATIC may have lagged behind the meme coin frenzy, altFINS’ analysis suggests that the cryptocurrency is poised for further upside potential. The analysis highlights a bullish breakout from a sideways channel ($0.75 – $1.05), signaling a potential resumption of the uptrend.

Source: altFINS – Start using it today

According to altFins, this breakout could clear the way for MATIC to revisit the $1.25 level, representing a 25% upside potential. The analysis also identifies key support and resistance levels, with the nearest support zone at $0.75 and resistance at $1.25.

Furthermore, MATIC’s trend is bullish across all time horizons, and momentum indicators like the MACD and RSI suggest a bullish bias.

A Temporary Divergence?

While the meme coin craze has captured the imagination of traders and investors, this divergence from altcoins like MATIC may be temporary. As the market matures and investors seek projects with real-world utility and fundamentals, the focus may shift back to projects like Polygon.

You may also be interested in:

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo