MATIC, POL Soar As Coinbase Reveals Major Update On Polygon Transaction Delay

MATIC and POL prices soared over 2% today, after the leading crypto exchange, Coinbase revealed a crucial update on the recent Polygon transaction delay. The exchange recently revealed a delay in transactions. It assured the users that it is working towards a fix and will update them accordingly. Shortly after, the crypto exchange said that it had addressed the issue already, fueling market interest.

Coinbase Reveals Key Update On Polygon Transaction Delay

According to the Coinbase status page update, the exchange has recently faced an issue impacting Polygon transactions. The update showed that the users are experiencing delays while sending or receiving MATIC.

However, in the latest update, the exchange said that it had already identified the issue and implemented a fix to restore the operations. For context, earlier, the leading crypto exchange alerted the users of the problem, while saying that their funds remained safe.

Meanwhile, despite implementing the fix, the status still displays “degraded performance” for Polgyon. This indicates that although the primary issue has already been addressed, some users might continue to face delays. However, the quick response from the exchange appears to have helped prevent panic, potentially driving up the crypto prices.

MATIC & POL Soars Reflecting Market Optimism

During writing, MATIC price was up over 2% and exchanged hands at $0.387, with its one-day trading volume falling over 4% to $41.56 million. Simultaneously, POL price also noted a similar percentage gain and traded at $0.38, while its trading volume slipped more than 10% to $54.7 million.

Notably, the surge in the prices could be attributed to the recent positive update from Coinbase. In addition, the positive sentiment hovering in the broader crypto market could have also helped gains in the crypto. Simultaneously, massive MATIC whale activity recently also appears to have bolstered the market sentiment.

It’s worth noting that the platform has also previously faced a similar issue on September 3, causing a delay in transactions. However, Coinbase quickly resolved the issue showcasing its commitment towards the user experience. Meanwhile, Polygon has gained notable traction following its recent upgrade that introduced the POL token.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.