- POL fell 7%, dropping below $0.10 as selling pressure intensified.
- Open Interest and futures demand declined, reflecting weaker trader confidence.
- Coinme acquisition expands Polygon’s regulated payments infrastructure across 48 U.S. states
Polygon has reached a major milestone after completing the acquisition of Coinme, a regulated payments business operating across most of the United States. The move strengthens Polygon’s push into digital payments and expands access to regulated on and off-ramp infrastructure. Despite that progress, market sentiment remains weak. Traders have largely ignored the development, while POL continued moving lower. The token has slipped beneath the $0.10 mark, reflecting cautious sentiment across both spot and derivatives markets.
POL Struggles Below Key Price Level
POL traded around $0.102 on October 11. At the time of writing, the token sits near $0.0948. That decline represents a loss of roughly 7% over a short period. Buyers attempted to regain control on October 12 and October 13. Those recovery efforts failed as sellers quickly stepped back into the market. Each rebound lost momentum before establishing a sustained upward move. Price action weakened further after October 13.
Selling pressure intensified and pushed POL close to the $0.090 level. A brief recovery lifted the token near $0.097, but that move also lacked follow-through. Technical indicators offer little encouragement. The Relative Strength Index stands at 44.9, placing momentum near neutral territory. Such a reading suggests neither buyers nor sellers hold a decisive advantage. Meanwhile, Chaikin Money Flow remains negative at -0.11.
A short-lived improvement appeared during the latest bounce. However, capital flows soon turned negative again. That pattern highlights continued caution among market participants. Derivative traders also appear hesitant. Open Interest climbed to roughly $50 million on October 12. Since then, participation has steadily declined. Falling Open Interest often signals a reduction in speculative activity and weaker conviction among traders.
Coinme Acquisition Strengthens Polygon’s Payments Ambitions
While market performance has disappointed investors, Polygon’s business strategy continues advancing.Polygon Labs recently completed the acquisition of Coinme. Through this deal, the company gains access to regulated infrastructure that supports conversions between U.S. dollars and digital assets across 48 states, subject to applicable licensing requirements. Coinme brings substantial regulatory coverage to the ecosystem.
The company holds 37 money transmitter licenses and 11 exemptions. Coinme also operates as a registered money services business with FinCEN. The acquisition expands Polygon’s Open Money Stack, a framework designed to support payment and financial applications. Several organizations have already adopted the platform, including Tazapay, Mesh, Toku, and Kira.
The Coinme purchase forms part of a broader transformation strategy. Polygon previously agreed to acquire both Coinme and wallet provider Sequence in deals valued at more than $250 million combined. Leadership also implemented organizational changes to support long-term goals. CEO Marc Boiron has repeatedly emphasized a payments-focused vision for the network.
