The Price Drop of Polygon (MATIC) and ADA Perpetual Contracts on Binance
The price of Polygon (MATIC) dropped after Binance announced the delisting of MATIC perpetual contracts, along with ADA perpetual contracts. This decision was made due to regulatory actions related to the US SEC’s classification of MATIC and ADA as securities. Binance will allow open ADABUSD and MATICBUSD positions for a few more days, but they will automatically conclude on August 17 at 9:00 UTC. Both Polygon and Cardano have denied their status as securities, but exchanges like Binance and Coinbase have taken precautionary measures to avoid issues with regulators.
MATIC Price Drops Following a Recent Surge
On August 7, the price of MATIC experienced a sudden surge, reaching $0.70 from $0.65. However, the price faced strong resistance at $0.70 and was rejected multiple times throughout the week. The final rejection came after Binance’s decision to delist MATIC and ADA perpetual contracts, causing MATIC to drop to $0.682. Although the price is still higher compared to the beginning of the week, its future performance remains uncertain. Some analysts believe that MATIC buyers will continue to pursue higher prices.
Polygon’s New Governance Model and Potential Impact on MATIC Price
Polygon recently introduced a new governance model inspired by Ethereum, which aims to increase the demand for MATIC. The model includes an ecosystem council that will be responsible for decision-making. This allows the community to participate in governing upgrades and improvements to the Polygon network, facilitating collaboration among developers.
Bitstamp’s Suspension of MATIC-Related Trading in the US
Following the SEC’s classification of MATIC as a security, Bitstamp suspended all MATIC-related trading activities in the US. However, trading outside of the US remains unaffected. Although the SEC’s decision may discourage safe trading of MATIC in the US market, it is unlikely to deter US traders altogether.
Shibie Presale Raises Over Half of its Soft Cap
A new meme coin called Shibie gained significant interest after the release of a successful Barbie movie. Combining Barbie with Shiba Inu, a popular dog breed associated with meme coins, Shibie aims to be the “Bombshell Bitch of the Crypto World.” The token sale has already raised $322k, selling 64% of the available tokens. Each SHIBIE token is priced at $0.000167 and can be purchased with ETH, BNB, or USDT.
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