Polygon POL Price Falls 7% Below $0.10 Despite Coinme Acquisition
Polygon's POL token fell 7% to approximately $0.0948 as selling pressure and weakening futures activity overshadowed Polygon Labs' completion of its Coinme acquisition. The deal gives Polygon access to regulated US payments infrastructure, but the token has yet to show a sustained positive response to the company's payments-focused expansion.
POL traded at $0.102 on October 11 before declining to $0.0948 at the time of writing. Attempts to recover on October 12 and 13 failed to hold, with sellers continuing to pressure the token. The price subsequently approached $0.090 before briefly rebounding toward $0.097, although that recovery did not last.
POL Price Weakness Continues as Momentum Remains Limited
Technical indicators reflected a market without a clear bullish signal. The Relative Strength Index (RSI) stood at 44.9, a reading near neutral territory, while Chaikin Money Flow (CMF) was at -0.11.
CMF briefly improved during the latest price rebound but returned to negative territory afterward. The indicator's movement suggested that the recovery had not produced a sustained improvement in buying pressure.
Futures market data also pointed to fading participation. Open interest in POL futures reached $50 million on October 12 and declined in subsequent sessions. Funding rates fluctuated throughout the week, indicating that futures positioning lacked a clear directional consensus.
The combination of repeated failed rebounds, negative Chaikin Money Flow and declining futures open interest accompanied POL's slide below $0.10. The available figures, however, do not establish whether the decline will continue or when a sustained recovery might begin.
Polygon Completes Coinme Acquisition for US Payments Infrastructure
While POL struggled in the market, Polygon Labs completed its acquisition of Coinme, a move intended to expand the company's regulated payments capabilities in the United States.
Through Coinme, Polygon gains infrastructure for converting US dollars into digital assets and converting digital assets back into dollars across 48 US states, subject to applicable licensing requirements.
Coinme holds 37 money transmitter licenses and operates under 11 exemptions. The business is also registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.
The acquisition brings Coinme into Polygon's Open Money Stack, the company's payments-focused initiative. Tazapay, Mesh, Toku and Kira are already identified as users of the platform.
Polygon's Payments Strategy Follows More Than $250 Million Deal
Polygon previously agreed to acquire Coinme and Sequence, a wallet provider, for a combined amount exceeding $250 million. The company also reduced some roles as part of its broader strategic direction.
Polygon CEO Marc Boiron said the plan was to transform the company into a payments-focused blockchain. The completion of the Coinme acquisition represents a concrete step in that strategy, adding regulated infrastructure for dollar-to-digital-asset transactions.
However, the business expansion has not yet translated into a sustained recovery for POL. Despite Polygon's progress in building payments infrastructure, the token remained under pressure below $0.10 as technical indicators and futures activity reflected weak market conditions.
Whether the expanded payments business will eventually influence demand for POL remains uncertain. The acquisition establishes new infrastructure for Polygon, but the available market data does not yet show a corresponding improvement in the token's price performance.
source: ambcrypto
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Check out other news and articles on Google News
Disclaimer:
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.