Kategorie: Altcoin News

• Polygon token POL (formerly MATIC) price rose to highs of $0.24 on Wednesday.
• Gains came as Polygon co-founder Nailwal Sandeep announced he had taken control as the new Polygon Foundation CEO.
• Overall crypto bounce also helped POL price higher.

The Polygon ecosystem token, POL (formerly MATIC), has seen a notable price increase in the past 24 hours amid news co-founder Nailwal Sandeep is now the new chief executive officer of Polygon Foundation.

Per data from CoinMarketCap, the price of POL was up 6% and at around $0.23 at the time of writing on June 11, 2025.

The ex-MATIC token’s value reached a high of $0.24 as the daily trading volume rose 48% to over $185 million.

POL’s market cap stood at around $2.45 billion.

Polygon jumps with other altcoins

POL price jumped amid overall gains for top altcoins and Bitcoin’s rally to $110k.

Ethereum, Solana, and XRP were among the top gainers, as was Stellar’s price.

However, more than the altcoin surge, the uptick in POL token’s price coincided with significant leadership changes at the Polygon Foundation.

Notably, Polygon co-founder Sandeep Nailwal announced on June 11 that he was assuming full control of Polygon Foundation as CEO.

The move comes a few weeks after co-founder Mihailo Bjelic became the third of four co-founders of Polygon to leave the project.

Important update from @sandeepnailwal 💪 https://t.co/tPPRSgbUuc

— Polygon (@0xPolygon) June 11, 2025

Bjelic stepping down from the Polygon Foundation saw him join Jaynti Kanani and Anurag Arjun, who were the first two to exit.

Nailwal’s move therefore signals a massive strategic pivot for Polygon.

Bulls were also looking to extend gains as Polygon eyes further growth following key growth metrics in May.

Among top wins for the ecosystem in the month was the spike in total transfers, which increased by 20%, from $67.4 million in April to over $81 million.

Meanwhile, transfer volume rose 5.3% to $141 billion over the month, and active addresses surged 16.3% to 5.6 million.

An increase in stablecoin supply, with the metric up 8.2% in May to $2.1 billion, also pointed to massive interest.

This has contributed to POL’s price breaking below $0.22.

Polygon Foundation’s first CEO

In a detailed post on X, Sandeep Nailwal mentioned that he’s Polygon’s largest POL holder and a driving force behind its development.

He is now the first CEO of Polygon Foundation, Sandeep noted.

“I’ve always stayed away from moving into the CEO role because I’ve been focused on building PF as an institutionally governed foundation. But right now, Polygon needs clear direction and focused execution, and that means stepping up,” the Polygon co-founder wrote on X.

Nailwal’s leadership will see him oversee multiple entities around Polygon, including Polygon Labs, which will continue to be under the current CEO, Marc Boiron.

While there are many areas of focus for Polygon Foundation under Nailwal, the new CEO notes that the team will deprecate the Polygon zkEVM platform.

It means a zeroing in on both Polygon PoS and the Agglayer.

Polygon PoS will target stablecoin payments and real-world assets (RWAs), while Agglayer aims to build a “trustless Internet of Blockchains.”

Meanwhile, Agglayer v0.3, set to roll out the week of June 30, 2025, will be feature-complete except for fast interoperability, slated for completion by Q3’s end.

The Agglayer Breakout program will spin off projects, including Polygon ZisK, led by Jordi Baylina, fostering airdrops for POL stakers.

“With a healthy treasury and several hundred million in cash, we’re in a great position to keep building for the long term, without any distractions or pressure to raise,” Nailwal added.

POL price reached highs of $1.29 in March 2024.

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• Vaulta price slipped nearly 3% to extend its losses over the week.
• The token’s price movement aligns with a broader altcoin sentiment
• Despite the downturn, Vaulta could bounce higher amid multiple key catalysts.

Vaulta (A), the native token of the rebranded EOS network now focused on web3 banking solutions, has seen its price slip in recent trading sessions.

As of writing, June 9, 2025, Vaulta’s price stands at approximately $0.56 reflecting a 2.8% decline in the past 24 hours.

Over the past week and month, the token has faced even steeper losses, dropping by 10% and 26% respectively since dipping from highs of $0.77 on May 28, 2024.

This downward movement comes amid broader market dynamics and specific factors impacting Vaulta.

Why is Vaulta price down today?

Although the broader market continues to feel the bearish heat of risk assets sell-off, a number of factors are likely why Vaulta’s price is down today.

First, profit-taking appears to be a significant driver. EOS rebranding to Vaulta and subsequent token swap provided investors with an opportunity to cash in gains.

This selling pressure, as is often the case with uptrends, comes after Vaulta garnered attention for its web3 banking ambitions.

The rebrand, announced in March and completed by late May, initially sparked optimism, but the subsequent profit-taking has dampened momentum.

Additionally, Vaulta’s price movement aligns with a broader cool-off among top altcoins.

The crypto market has faced volatility recently, with Bitcoin dipping to $100,984 and triggering over $1 billion in liquidations.

BTC’s bearish sentiment has spilled over to altcoins, with many experiencing sharper declines than Bitcoin.

Vaulta, ranked #77 on CoinMarketCap with a market cap of $889 million, is no exception. The 24-hour trading volume of $39 million reflects a 45% drop.

Technical indicators, such as the Relative Strength Index (RSI) trending bearish on a weekly timeframe, further signal waning momentum.

A token’s price higher

Despite the current downturn, several catalysts could propel Vaulta’s price upward.

The platform’s focus on web3 banking, with features like one-second transaction finality and Bitcoin-native DeFi through exSat, positions it as a compelling player in decentralized finance.

Web3 Banking Is Here.

— Vaulta (prev. EOS) (@Vaulta_) June 7, 2025

Increased adoption of its services, such as crypto-backed credit lines or real-world asset tokenization, could drive demand for the A token.

Additionally, Vaulta’s staking program may attract long-term holders, stabilizing the price.

Broader market recovery, particularly if Bitcoin regains its footing above $105,000, could also lift altcoins like Vaulta.

Finally, positive developments, such as protocol upgrades or partnerships via the Vaulta Banking Advisory Council, might spark renewed investor interest, potentially pushing the token toward its all-time high of $0.77.

For now, traders should monitor market trends and Vaulta’s ecosystem growth for signs of a rebound.

The post Vaulta (A) continues downward spiral under market pressure appeared first on CoinJournal.

• Avalon (AVL) price surged more than 20% in 24 hours to hit highs of $0.23.
• This follows June 9, 2025 announcement of an 80 million AVL token burn.
• AVL price could break above $0.30 and target recent highs.

Avalon Labs’ native token, AVL, has surged 20% in the last 24 hours, fueled by trader reaction to news of an 80 million token burn.

The venture capital-backed Bitcoin on-chain capital markets platform revealed the news of its 80 million AVL burn on June 9.

In reaction, the token’s price shot up 20% to hit an intraday high of $0.23.

This happened as the broader market bounced higher amid Bitcoin’s surge from lows of $101k last week.

With AVL price near a key level, is the optimism going to drive bulls much higher?

Avalon Labs announces burn of 44% of circulating supply

Off the back of a recent high-profile investment from YZi Labs, Avalon Labs has taken another major step towards bolstering its native token.

The project, focused on Bitcoin-backed decentralized finance, announced on June 9, 2025 it had burned 80 million AVL tokens.

Per the team at Avalon Labs, the incinerated tokens are primarily from the unclaimed chunk of supply from its March 2024 airdrop.

Over $20 million worth of AVL hit community wallets at the time, and now 80 million have permanently been removed.

The burned tokens represent approximately 44% of Avalon’s circulating supply.

Avalon Labs has officially burned 80M $AVL, representing 44% of the circulating supply.

These unclaimed airdrop tokens, worth approximately $16 million, have now been permanently removed from circulation. Over the past year, a total of $20M worth of $AVL has been claimed by… pic.twitter.com/GXMWKpmbNF

— Avalon Labs 🎩🔮 (@avalonfinance_) June 9, 2025

Avalon Labs’ token burn injected notable upside action in the AVL market, with bulls retesting levels seen in early May.

These gains follow another spike after YZi Labs announced a strategic investment in the project.

Furthermore, buying pressure mounted earlier in the year after Binance Alpha listed AVL.

Is AVL price going to $1?

AVL’s price action is flashing bullish signals, with the token trading around $0.20.

Recently, the Avalon Labs price broke above an ascending triangle pattern, extending gains after a sharp decline.

Buyers are looking to strengthen further with a breakout likely to push price to $0.23.

In mid-May, Avalon price rejected bulls’ advances around $0.31, and in late May, buyers ran out of steam after a channel breakout to dip from around $0.27.

These levels present key horizontal resistance zones, above which bulls can target $0.44. However, there’s a major supply wall near $0.75.

In the case sell-off pressure intensifies amid profit-taking and altcoin weakness, a revisit of $0.18 and $0.13 is possible.

From a technical perspective, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are showing early signs of bullish divergence.

This suggests growing momentum. However, traders should monitor for sustained volume and price stability above the breakout level to confirm the move.

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• Ravencoin price rode an Upbit listing announcement to skyrocket with over 150% gains.
• But the rally was short-lived as aggressive profit-taking wiped out much of the gains.
• The token is likely to rally amid improving sentiment.

Ravencoin (RVN) rocketed by more than 150% in 24 hours, with massive gains coming amid the token’s listing on Upbit, South Korea’s largest cryptocurrency exchange.

The announcement, made by Upbit via its official X account, noted that the exchange will add trading support for RVN against the Korean Won (KRW).

RVN coin’s surge saw it hit highs of $0.027, its highest level since mid-December 2024.

Ravencoin price – Upbit triggers 150% RVN rally

Upbit revealed the RVN/KRW market support in a post on X, stating that trading support for the altcoin would commence at 17:00 local time.

The exchange, known for its massive trading volume and customer base in South Korea, often sees explosive demand for newly listed tokens.

No doubt this is what drove Ravencoin (RVN)’s price higher.

An imminent listing for an altcoin seen as one of the best minable tokens today meant bulls were in control within hours of the announcement.

Data from CoinMarketCap shows the token’s price more than doubled in value as it rose from lows of $0.010 to $0.027.

While a bit of profit taking had it pare these gains, the price remained more than 64% up in 24 hours, with intraday volume skyrocketing 4,255% to over $399 million.

RVN price outlook

In addition to the Upbit listing, Ravencoin is resurging amid a fresh spike in bullish sentiment related to mineable proof-of-work coins.

Recently, the Ravencoin team posted on X that RVN is currently seeing fresh interest from miners.

With its KAWPOW algorithm designed to resist ASIC dominance and encourage decentralized participation, many unable to mine BTC and other top coins are flocking to Ravencoin mining.

This mining momentum, paired with the Upbit listing, could catalyse bullish momentum for RVN’s price. A retest of $0.027 is possible.

The technical outlook nonetheless has the Relative Strength Index (RSI) in overbought territory, which suggests a potential short-term pullback.

On the other hand, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, indicating a likely upward continuation.

In this case, Ravencoin’s price could revisit the $0.014-$0.013 area for support. Demand reload at this level and a successful retest of $0.02 could aid an upward flip. RVN price hit highs of $0.034 in early December 2024.

On the downside, profit taking could see RVN price retest $0.010 and potentially April 2025 lows of $0.009.

 

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• Magic Eden is down 15% as the price extends the downtrend.
• The ME token rose sharply before paring all the gains after Trump’s sons distanced the Trump Organization from a new wallet announcement.
• Magic Eden price could dip to support around $0.78, its all-time low reached in April.

Magic Eden (ME) price is down by more than 15% in the last 24 hours as the altcoin extends losses since the sharp downturn from highs of $1.15 on June 3, 2025.

ME traded around $0.87 amid ongoing downside pressure after recent wallet-related news drama brought the bears out in full swing.

Notably, the declines have the Magic Eden token trending towards its all-time low of $0.78 reached in early April.

Data from CoinMarketCap, which also shows a 58% dip in trading volume, suggests the ATL is about 21% off current price levels.

Why is the Magic Eden price down today?

As noted above, the ME token skyrocketed earlier this week, jumping sharply to hit $1.15 from around $0.8 amid trader excitement.

The catalyst for this vertical move, as seen in the chart below, was the announcement of a Trump-branded crypto wallet.

The Magic Eden social media post on X shared the “big news”, alluding to a partnership between Magic Eden and GetTrumpMemes.com.

The news hinted at “the First and Only Crypto Wallet for True Trump Fans.”

BIG NEWS! The Official $TRUMP WALLET is COMING SOON! The First and Only Crypto Wallet for True Trump Fans.

Join the FREE waitlist for a chance to get a share of $1 MILLION IN $TRUMP REWARDS! Go to https://t.co/PVCQ6YXQ5v NOW!

The $TRUMP Wallet is Powered by @magiceden pic.twitter.com/KA26RzjY6m

— Magic Eden 🪄 (@MagicEden) June 3, 2025

Reaction across the crypto space was whether this was legit, with many pointing to what it meant for the TRUMP and ME tokens.

But shortly after the Magic Eden team shared the news, Donald Trump Jr. posted a public disclaimer that the Trump Organization was not part of the said TRUMP wallet.

The same message came from Eric Trump, President Donald Trump’s other son. Eric cautioned Magic Eden in a post on X:

“I would be extremely careful using our name in a project that has not been approved and is unknown to anyone in our organization.”

ME token technical outlook

Market reaction to the chain of events flipped from positive for ME to negative, with the token dipping below $1.

The retracement has continued in the past 24 hours, bringing the Magic Eden token’s value to below $0.9 on June 5.

While the Magic Eden price could flip higher from current levels, the technical picture supports a bearish move.

The RSI on the 4-hour chart is below 50 and indicates a downward move, while the MACD signals bearish strength amid a rising negative histogram.

Further downside action, mirroring broader market weakness, sees the ME token poised near $0.87. If price breaks lower, it could fall to the $0.78 support area.

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