Cardano Has Had a Tough Week as Polygon Continues to Grow This Week By CoinEdition

Cardano is having a tough week while Polygon continues its growth this week
  • US Federal Reserve officials believe that rate hikes need to slow.
  • Polygon has registered several multi-billion dollar brands in the ecosystem.
  • Two projects have been halted due to funding constraints.

Yesterday, the cryptocurrency market rallied as US Federal Reserve meeting minutes revealed that officials believe they should slow down interest rate hikes. This follows a 75 basis point hike earlier this month. It is now expected that the interest rate will be raised by 50 basis points in the month of December.

One notable project in this cryptocurrency bear market is Polygon (MATIC), which has consistently shown that it can still score big brands despite the massive downturn in the crypto market.

Brands added to the MATIC ecosystem include: Nike (NYSE:) which announced plans to roll out NFTs for digital clothing; Starbucks (NASDAQ:) launches NFT-led loyalty rewards program; And Reddit makes unique NFT avatars.

Meta will also partner with Polygon to allow Instagram users to mint NFTs, and Disney will enter into a collectible NFT partnership with Polygon.

However, Cardano has had a rough week as two projects suddenly stopped development and one was abandoned shortly after launch. The first is Orbis, a project that has been building a Layer-2 ZK-rollup on Cardano.

The project promoted NFTs a week ago, then announced that 50% of the NFTs were sold, but then announced that public NFT sales would stop and resume soon. However, they announced two days ago that the Orbis project had reached funding constraints and that the project would have to be halted until they could access funding.

Ardana also halted its development yesterday due to funding issues. Finally, Indigo did not launch as planned as one wallet dumped around 35,000 of the project’s original token, causing its price to plummet shortly after public sales began.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

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