Shiba Inu (SHIB) and Polygon (MATIC) Lose Billions But DTX Exchange (DTX) Surges Over 200%

In the market correction after the bull run in the crypto market, Shiba Inu (SHIB) and Polygon (MATIC) are some of the most hurt.

Shiba Inu (SHIB) and Polygon (MATIC) have both seen significant losses in recent months, as the crypto market experiences a downturn. However, a new Defi entrant, DTX Exchange (DTX), has seen a surge of over 200%.

Shiba Inu (SHIB) is currently down 53% from its all-time high, and has lost over a billion dollars in this downtrend. The memecoin has been on a continuous bearish trend after a 400% rally, and is now trading at $0.000022.

Despite being down, SHIB is still showing some resilience by staying above the 200 moving average on the 4hr chart. However, a break below this moving average can lead to further downside.

Shiba Inu (SHIB) Price Chart - 4Hr Time Frame (TradingView)

Shiba Inu (SHIB) Price Analysis: Bearish Trend Continues

Shiba Inu (SHIB) recent price action has seen a continuous bearish trend, as the memecoin continues to correct after its 400% rally. Currently trading at $0.000022, SHIB has lost over a billion dollars in this downtrend.

The technical analysis for SHIB shows a downtrend, as the memecoin trades below its short-term 50 moving average. However, it is still above the 200 moving average, which could provide some support. The RSI (Relative strength index) is at 40 which is a sold region. MACD is just below the middle line sloping downwards.

Shiba Inu (SHIB) Price Analysis: Bearish Trend May Continue

Shiba Inu (SHIB) recent price action has seen a continuous bearish trend, as the memecoin continues to correct after its 400% rally. Currently trading at $0.000022, SHIB has lost over a billion dollars in this downtrend.

After a closer look at the technical analysis, we can see that SHIB is trading below its short-term 50 moving average, indicating bearishness. However, it is still above the 200 moving average, which could provide some support. The RSI (Relative strength index) is at 40 which is a 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 announced the launch of a $720 million Community Treasury, which will be used to fund blockchain projects over the next decade. This initiative aims to support developers working within both the Polygon and Ethereum ecosystems.

To kick things off, Polygon will be distributing 35 million of its tokens, valued at about $25 million, through the first season of its Community Grants Program (CGP). The program will be accepting applications from teams and individuals working on a wide range of projects, including DeFi, NFTs, Web3 infrastructure, gaming, and social impact initiatives.

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.

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. This 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 also 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.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-polygon-matic-lose-billions-dtx-exchange-dtx-surges.html

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