Bitcoin
Bitcoin (BTC)
$84,537.00 5.95566
Bitcoin price
Ethereum
Ethereum (ETH)
$3,289.79 2.39842
Ethereum price
BNB
BNB (BNB)
$636.35 -0.45498
BNB price
Solana
Solana (SOL)
$219.22 3.73094
Solana price
XRP
XRP (XRP)
$0.591776 -1.94286
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000279 4.89363
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000128 1.14175
Pepe price
Bonk
Bonk (BONK)
$0.0000271 2.54393
Bonk price
dogwifhat
dogwifhat (WIF)
$3.11 14.59216
dogwifhat price
Popcat
Popcat (POPCAT)
$1.61 6.13789
Popcat price
Bitcoin
Bitcoin (BTC)
$84,537.00 5.95566
Bitcoin price
Ethereum
Ethereum (ETH)
$3,289.79 2.39842
Ethereum price
BNB
BNB (BNB)
$636.35 -0.45498
BNB price
Solana
Solana (SOL)
$219.22 3.73094
Solana price
XRP
XRP (XRP)
$0.591776 -1.94286
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000279 4.89363
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000128 1.14175
Pepe price
Bonk
Bonk (BONK)
$0.0000271 2.54393
Bonk price
dogwifhat
dogwifhat (WIF)
$3.11 14.59216
dogwifhat price
Popcat
Popcat (POPCAT)
$1.61 6.13789
Popcat price
Bitcoin
Bitcoin (BTC)
$84,537.00 5.95566
Bitcoin price
Ethereum
Ethereum (ETH)
$3,289.79 2.39842
Ethereum price
BNB
BNB (BNB)
$636.35 -0.45498
BNB price
Solana
Solana (SOL)
$219.22 3.73094
Solana price
XRP
XRP (XRP)
$0.591776 -1.94286
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000279 4.89363
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000128 1.14175
Pepe price
Bonk
Bonk (BONK)
$0.0000271 2.54393
Bonk price
dogwifhat
dogwifhat (WIF)
$3.11 14.59216
dogwifhat price
Popcat
Popcat (POPCAT)
$1.61 6.13789
Popcat price
Bitcoin
Bitcoin (BTC)
$84,537.00 5.95566
Bitcoin price
Ethereum
Ethereum (ETH)
$3,289.79 2.39842
Ethereum price
BNB
BNB (BNB)
$636.35 -0.45498
BNB price
Solana
Solana (SOL)
$219.22 3.73094
Solana price
XRP
XRP (XRP)
$0.591776 -1.94286
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000279 4.89363
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000128 1.14175
Pepe price
Bonk
Bonk (BONK)
$0.0000271 2.54393
Bonk price
dogwifhat
dogwifhat (WIF)
$3.11 14.59216
dogwifhat price
Popcat
Popcat (POPCAT)
$1.61 6.13789
Popcat price

MATIC under pressure as network outage weighs on Polygon

matic-under-pressure-as-network-outage-weighs-on-polygon
Edited by
News
MATIC under pressure as network outage weighs on Polygon

The Polygon network experienced an outage and its price has decreased 2.35% in the past 24 hours, alongside of a broad crypto market decline.

Polygon (MATIC) is a layer 2 scaling solution for Ethereum blockchain, aimed at reducing transaction fees and increasing transaction speeds. However, like any network, it is susceptible to outages and downtimes, which can have a significant impact on the price of the MATIC token.

MATIC under pressure as network outage weighs on Polygon - 1
24-hour price of MATIC | Source: CoinMarketCap

An outage in the Polygon network resulted in reduced network usage and transactions, as users were unable to interact with the blockchain which decreased demand.

What’s more, users probably became frustrated with the network’s reliability and opted to use alternative scaling solutions or blockchains, further reducing demand for MATIC tokens.

The impact of an outage on the price of MATIC would also depend on the overall market sentiment towards the cryptocurrency.

However, the market sentiment is bearish, so an outage in the Polygon network caused panic selling, resulting in a sharp decline in the price of MATIC.

Polygon MATIC is not the only scaling solution for the Ethereum network, and an outage in its network could give its competitors an opportunity to gain market share.

For example, the Optimism network could attract users who were unable to use the Polygon network during an outage, resulting in a further reduction in demand for MATIC tokens and a decline in price.

The outage in the Polygon network had a significant impact on the price of MATIC.

The reduced network usage and transactions resulted in a decrease in demand for MATIC tokens, while market sentiment and competition could exacerbate the impact on the price. Therefore, investors should closely monitor any potential outages or downtime in the network.