Polygon's POL Falls 6% As Inflation Shock Triggers Heavy Selling
Main Idea
Polygon's POL token fell 6% due to heavy selling triggered by higher-than-expected U.S. inflation data, contributing to a broader crypto market decline.
Key Points
1. Polygon's POL token dropped 8% to $0.24 after breaking key support levels amid surging U.S. wholesale inflation.
2. The CoinDesk 20 Index fell 4% as profit-taking accelerated across major cryptocurrencies.
3. POL traded in a wide 10% range, spiking to $0.26 before reversing sharply to $0.24 with trading volume tripling its 24-hour average.
4. The decline was triggered by a U.S. producer price index (PPI) report showing a 0.9% month-over-month rise in July, the biggest jump in over three years.
Description
Polygon's POL token tumbled 6% on Thursday, falling through key support levels as higher-than-expected U.S. inflation data shook risk assets. POL traded in a wide 10% range over the past 24 hours, climbing from $0.25 to $0.26 in early trading before reversing sharply, data from CoinDesk Analytics shows. A burst of selling sent the token down to $0.24, with trading volume spiking to 1.1 million units — more than triple its 24-hour average. The $0.26 mark has now emerged as a significant resistanc...
Latest News
- Crypto Hackers Capitalize on ETH Surge, Offloading $72M This Week2025-08-15 14:28:24
- Hyperbeat Secures $5.2M Backing From ether.Fi, Electric Capital2025-08-15 13:40:10
- BONK Holds Key Support After Heavy Selling Hits Solana Meme Token2025-08-15 13:35:33
- CoinDesk 20 Performance Update: Avalanche (AVAX) Gains 3.4% as Index Trades Higher2025-08-15 13:32:14
- Circle to Offer 10 Million Class A Shares at $130 Each2025-08-15 10:00:47