Last evening, Coinbase Exchange announced support for the Polygon Ecosystem Token (POL). Despite this, POL and MATIC prices continued to decline, and the market did not react as expected. Following the announcement, Bybit, the fourth-largest exchange by volume, announced it would add POL to its futures trading.
Bybit Lists POL for Futures Trading
Bybit, one of the leading exchanges, made a significant move by announcing that POL is supported in futures trading with up to 75x leverage.
The official announcement stated:
Bybit has listed the POLUSDT Perpetual Contract with up to 75x leverage.
The contract is now available for trading via Futures Grid, Futures Martingale, and Futures Combo bots.
Following the announcement, attention turned to the prices of POL and MATIC, both of which have not shown strong performance despite recent developments.
Current Prices of POL and MATIC
Looking at MATIC, which has a longer history, it experienced a 1.37% drop in the last 24 hours, bringing its price to $0.375. MATIC’s market cap fell by over 50% in the last 24 hours to $1.7 billion, positioning it at 41st place.
Additionally, its trading volume dropped by 41%, amounting to $181 million. The transition process seems to have clearly impacted MATIC.
On the other hand, POL, which has been closely monitored by exchanges for the past two days, saw a 0.65% increase, reaching $0.3766. Unlike MATIC, POL’s market cap and trading volume have increased.
POL’s market cap has reached $2.1 billion, while its trading volume has surged by over 1500%, exceeding $17 million and continuing to grow.
