In the market correction after the bull run in the crypto market, Shiba Inu (SHIB) and Polygon (MATIC) are some of the most hurt. While the Shiba Inu (SHIB) is down 53% from its all-time high, the Polygon (MATIC) is down nearly the same 51%. Both the SHIB and MATIC have lost over a billion from this downtrend. While these coins are facing a continuous bearish trend, which we will discuss in this article, the new Defi entrant DTX Exchange has risen over 200%.
What you'll learn 👉
Shiba Inu (SHIB) Recent Price Action
One of the popular memecoins, Shiba Inu (SHIBA), has been showing a continuous downtrend after the 400% rally. This correction after the rally has been going on for three months now, and it is $0.000022, down nearly 53% from its all-time high. It is trading below its short-term 50-day moving average, which is a sign of bearishness. However, it is still above the 200-day moving average, which is a good sign for the long term until it breaks below it.
The RSI (Relative strength index) is currently standing at 40 which is a little sold region but we can see some more downside if price breaks below the current levels. The MACD is just below the middle line sloping downwards showing slight bearishness. From here a bounce is probable however, the overall market’s direction can better tell the future.
Polygon (MATIC) Launches Community Grants Program
Polygon (MATIC) has introduced a $720 million Community Treasury to fund blockchain projects for the next decade. This initiative aims to assist developers working within both the Polygon and Ethereum ecosystems. To kick things off, Polygon will distribute 35 million of its tokens, valued at about $25 million, through the first season of its Community Grants Program (CGP).
Polygon (MATIC) is launching the CGP as a key component of its expansive vision for Polygon 2.0. This upgrade marks a new phase for the Polygon Layer 2 network, focusing on offering boundless scalability and smooth data sharing through its Value Layer.
Polygon introduced its new native token, POL, on the Ethereum network on October 25, 2023. For those holding MATIC tokens, there’s an option to exchange them for POL tokens on a one-to-one basis.
DTX Exchange Set to Change Platform Landscape
With the correction in Shiba Inu (SHIB) and Polygon (MATIC), investors from the community are shifting to DTX. DTX Exchange , a L1 blockchain platform is quickly gaining popularity for its unique features. Unlike other exchanges, DTX offers perks like 1000X leverage, distributed liquidity pools, non-custodial wallets, and no KYC requirements.
The 1000X leverage allows investors to open large positions with relatively small capital, potentially leading to significant profits. The platform’s distributed liquidity pools improve the trading experience by increasing liquidity and minimizing price slippage.
DTX Exchange prioritizes security with its non-custodial wallet system, giving users complete control over their private keys and assets. This reduces the risk of losing funds if there’s a security breach. With a token sale currently pricing DTX tokens at $0.04, set to rise to $0.12 at the time of launch, that’s already a 3X before the launch, and after the launch, possibilities are endless.
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