Polygon's native token, $POL, dropped 7% to $0.0948 despite the company's major regulatory milestone. The decline came even as Polygon Labs completed its acquisition of Coinme, a US-regulated payments business. On October 11, $POL was trading at $0.102, but it failed to recover from subsequent selling pressure, falling as low as $0.090 before a brief rebound near $0.097.
The technical indicators offered little optimism. The Relative Strength Index (RSI) stood at 44.9, near neutral, while the Chaikin Money Flow was at -0.11, signaling weak momentum. Futures market activity also showed caution, with open interest dropping from $50 million on October 12 and funding rates fluctuating unpredictably.
Polygon Labs' acquisition of Coinme grants it regulated infrastructure for converting dollars into digital assets across 48 US states. Coinme holds 37 money transmitter licenses and 11 exemptions, along with FinCEN registration. The deal, part of Polygon's broader $250 million acquisition of Coinme and Sequence, aligns with CEO Marc Boiron's vision of a payments-focused blockchain. However, the token's price reaction suggests investors remain skeptical.