Polymesh (POLYX) Token Showed Over 30% Drop in Past 1-Month

Polymesh, an institutional-grade permissioned blockchain built specifically for regulated assets, has its native protocol token, POLYX. The token is used to “stake and secure the network, pay transaction fees, while also engage in governance.” As the token is nearly just 1-year old, the token showed quite volatile price performance, as per the data sourced from CoinMarketCap (CMC).

An Update on Polymesh Network

On June 13, the blockchain shared an official blog-post, in which it added “Polymesh upgraded to 5.4, bringing the chain up-to-date with Substrate, adding support for smart contracts written in Ink! 4.0, and improving asset metadata and ticker verification.”

Polymesh has been upgraded to 5.4! 🎆

This release brings the chain up-to-date with @substrate_io and adds support for #SmartContracts written in @ink_lang 4.0

See our blog post for more info https://t.co/So9PPXP95R pic.twitter.com/vrIMQmXfrJ

— Polymesh 🅿️ (@PolymeshNetwork) June 13, 2023

“This major Substrate update brings a new weight system (V2), a new version of pallet contracts supporting Ink! 4.0, and new data migration functionality through pallet scheduling and pre-imaging,” as the Polymesh network has updated.

However, the blockchain network added it will soon “introduce the Polymesh Portal, an interface for interacting with an account on Polymesh.”

Polymesh (POLYX) Price Analysis

POLYX token showed a nearly 50% drop in its all-time performance, which further showed an over 30% drop in the past 1-month. At press time, Polymesh is trading at $0.106734 with a 24-hour trading volume of $2.17 Million. The token is down 0.12% in the last 24 hours, while CMC ranking is at 281th position, with a current market cap of $71.10 Million. In the last 24-hours, the coin was listed at $0.1059, while the high was at $0.1077.

However in the past 7-days, the token price has shown nearly 2% of gain. This again, indicates a positive signal of the crypto market. Some of the cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) are also showing bullish sentiments from the past 24-hours.

Furthermore, the global crypto market cap is $1.07 Trillion, a 0.48% decrease over the last day. The total crypto market volume over the last 24 hours is $20.3 Billion, which makes a 6.48% increase. The total volume in decentralized finance (DeFi) is currently $1.39 Billion, 6.86% of the total crypto market 24-hour volume.

However, the volume of all stable coins is at $19.03 Billion, which is 93.74% of the total crypto market 24-hour volume. The dominance of BTC is currently 48.16%, showing an increase of 0.12% over the day.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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