Decentral Block Post

In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%. 

In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value.

Total value locked on Polygon rises above $1B

Total value locked (TVL) is one cryptocurrency indicator used to assess the market’s sentiment towards a particular blockchain. TVL on Polygon requires utilizing the MATIC blockchain and locking funds in the various DeFi platforms available across the network.

Rising TVL is a sign of growth, or new liquidity entering the ecosystem but it does not necessarily mean that the network and associated assets are “turning bullish.”

While the top 3 protocols, Ethereum (ETH), Binance Coin (BNB) and Tron (TRX) all have a TVL over $5 billion, MATIC, Avalanche (AVAX) and Arbitrum are the only others with over $1 billion in TVL.

Dogecoin (DOGE) has surged nearly 100% quarter-to-date (QTD) on hopes that Elon Musk would integrate the token onto the Twitter platform. However, DOGE's potential to continue its uptrend in the coming weeks is low, one popular market analyst argues.

Short Dogecoin hard?

Independent market analyst GCR said he is moderately short on DOGE based on its price's recent reaction to a Musk tweet. Notably, DOGE formed a local top at $0.158 on Nov. 1. The same day, Musk shared a picture of his pet Shiba Inu wearing a t-shirt with the Twitter logo.

GCR argues that the Musk-effect is wearing off when it comes to Dogecoin's potential integration into Twitter, meaning that most of the gains are already priced in. Therefore, if the actual integration happens, it will likely become a sell-the-news event. 

Overbought correction begins

Meanwhile, Dogecoin continued its correction move on Nov. 4, three days after topping out at $0.158.

DOGE's price dropped to as low as $0.115 on Nov. 4, in part due to rumors of Twitter pausing its crypto wallet development project. That brought the token's net percentage correction from the Nov. 1 local top to nearly 27%.

Dogecoin (DOGE) has surged nearly 100% quarter-to-date (QTD) on hopes that Elon Musk would integrate the token onto the Twitter platform. However, DOGE's potential to continue its uptrend in the coming weeks is low, one popular market analyst argues.

Short Dogecoin hard?

Independent market analyst GCR said he is moderately short on DOGE based on its price's recent reaction to a Musk tweet. Notably, DOGE formed a local top at $0.158 on Nov. 1. The same day, Musk shared a picture of his pet Shiba Inu wearing a t-shirt with the Twitter logo.

GCR argues that the Musk-effect is wearing off when it comes to Dogecoin's potential integration into Twitter, meaning that most of the gains are already priced in. Therefore, if the actual integration happens, it will likely become a sell-the-news event. 

Overbought correction begins

Meanwhile, Dogecoin continued its correction move on Nov. 4, three days after topping out at $0.158.

DOGE's price dropped to as low as $0.115 on Nov. 4, in part due to rumors of Twitter pausing its crypto wallet development project. That brought the token's net percentage correction from the Nov. 1 local top to nearly 27%.

Bitcoin (BTC) passed $21,000 at the Nov. 4 Wall Street open as bulls tackled a formidable sell wall.

Sellers move aside for new multi-week highs

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD breaking through resistance to hit local highs of $21,262 on Bitstamp.

The pair had struggled to return to higher levels during the week, but the latest order book data from Binance showed asks now shifting up to north of $21,500.

The day’s high marked Bitcoin’s best performance since Sept. 13, beating previous local peaks.

Material Indicators, which provided the order book charts, noted that above-expected United States unemployment figures may be aiding risk assets by increasing the chances of a Federal Reserve interest rate pivot.

Bitcoin (BTC) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp.

$21,000 sell wall proves ugly

While so far a lower high on hourly timeframes compared to the Nov. 1 and 2 spikes, the move served to make up for losses, which came on the back of the Federal Reserve interest rate hike decision.

Potential for a push beyond $21,000 was limited, however, thanks to exchange sellers stacking asks at that level.

“If you want to sell, place your orders slightly lower than $21k,” Onchain Edge, a contributor at analytics platform CryptoQuant, wrote in part of a tweet alongside data from the Binance order book.

Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a  multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%.

The initial panic, which Gala Games later implied was unfounded, came after a single wallet address appeared to mint over $2 billion GALA tokens out of thin air — which was flagged by blockchain security firm PeckShield on Nov. 3.

Fears that the unusual activity was a sign of an exploit or rug pull caused the GALA token price to drop a dramatic 25.6% from $0.0394 to $0.0293 over a 130-minute stretch late on Nov. 3, according to data from CoinGecko.

However, Gala Games took to Twitter on Nov. 4 to dispel the “FUD” surrounding its native token, explaining that “lots of people are tossing around words like ‘hack’ and ‘rug’. Neither of these is the case.”

Gala Games president for blockchain Jason Brink explained that the unusual activity detected on decentralized exchange (DEX) PancakeSwap was performed by pNetwork, who was working to drain the liquidity pool as a means to safeguard it from a potential vulnerability.