Polygon's native token POL declined approximately 7% to $0.0948 from $0.102 on October 11, according to price data. The sell-off occurred despite attempted recoveries on October 12 and 13, which failed to gain sustained traction due to selling pressure.
Technical indicators showed mixed signals. The relative strength index stood at 44.9, near neutral levels, while the Chaikin Money Flow registered at -0.11, indicating sustained selling pressure. Futures market participation also weakened, with open interest dropping from $50 million on October 12 and continuing to fall thereafter. Funding rates remained volatile throughout the week.
Polygon acquires Coinme
Polygon Labs completed its acquisition of Coinme, a payments infrastructure provider. Through this deal, Polygon now has regulated infrastructure for converting dollars into digital assets and back across 48 US states, subject to applicable licensing requirements.
Coinme holds 37 money transmitter licenses and 11 exemptions, and is registered with FinCEN as a money services business. The company has been integrated into Polygon's Open Money Stack, with initial users including Tazapay, Mesh, Toku, and Kira.
Polygon Labs acquired both Coinme and Sequence, a wallet provider, for a combined total exceeding $250 million. CEO Marc Boiron stated the goal was to establish Polygon as a payments-focused blockchain, a direction the company is now pursuing operationally despite limited token momentum.
