MATIC dropped nearly 10% when Polygon Labs lay off 100 employees

MATIC dropped nearly 10% when Polygon Labs lay off 100 employees.

This week, the ninth biggest cryptocurrency by market capitalization, Polygon, has been impacted, and during the previous few days, the currency’s market value has decreased by almost 1.63 billion dollars.

On Monday, Polygon Labs announced that the firm had let go of 100 workers as part of an ongoing restructuring effort. Despite this, these particular people will always be considered members of the 0xPolygon community.

The official Polygon website published a blog entry on February 21 with the following statement: “Early this year, we combined numerous business groups under Polygon Labs.” As a necessary step in this process, we are disclosing the unsettling news that we have cut the size of our team by twenty percent, which will have an effect on various teams and around one hundred roles.

Employees who are let off from their positions at Polygon Labs as a result of the report will be able to receive three months’ worth of severance compensation in their bank accounts; the exact amount will depend on the employee’s designation or length of service.

MATIC appears affected by this action

Polygon’s native token MATIC observes under pressure as it is continuously moving downwards. At the time, MATIC crypto price traded at the $1.35 mark. 

Polygon Labs cutoff 100 Employees MATIC slipped nearly 10
Source: Tradingview 

After it reached a price high of $1.56 during the last 60 days, MATIC has had its price drop by about 10%. Over this time, investors have lost a total of $1.63 billion as a result of the fall. If investors had purchased MATIC while it was trading at its all-time high of $2.92, their portfolios would have seen a loss of around 54%.

There is a possibility that the price of this currency may go back to the next conceptual round level, which is $1.00. On the other hand, the high of 1.56 dollars that was reached twice in the last two months will continue to act as a ceiling until it is breached.

Compiled by Coinbold


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