The crypto market is still clearly dominated by BTC, as it is still in full Bitcoin season, but there are some interesting movements in some altcoins. Today we will analyze the performance over time of the cryptos POL (Polygon), Pepe, and KAS (Kaspa).
The analysis of the prices of the crypto POL (Polygon), PEPE and Kaspa (KAS)
POL is the native cryptocurrency of Ethereum’s layer-2 Polygon.
Polygon has existed since 2020, but previously its token was called MATIC. Since 2023, it has been replaced by the crypto POL.
MATIC during the great bull run of 2021 recorded an incredible price increase, going from less than 2 cents to over $2 in less than six months.
That large speculative bubble burst at the beginning of 2022, and with the implosion of the Terra/Luna ecosystem, it plummeted to $0.4.
Note that even after that crash, the price remained enormously higher than the initial less than $0.02.
The problem is that, after a decent rebound at the beginning of 2023, the price of MATIC then continued to fall.
When the crypto POL was launched, its price was $0.6, but in 2024 it started a new bear phase, still ongoing, which first brought its price to $0.3, and then even below $0.2 in April 2025.
The trend of the POL price suffers from two structural problems.
The first is a tokenomic not particularly good, given that it does not have a limit on the issuance of new tokens, and indeed the issuance of new tokens on the market tends to increase the selling pressure.
The second is the disappointment of expectations, perhaps exaggerated, about the Polygon project. In the past, very high expectations had indeed been inflated about the evolution of the project, which, however, have largely deflated over the last few years. This has had a depressing effect on the average buying pressure.
The trend of PEPE
PEPE, on the other hand, is a whole different thing.
This is a memecoin on the Ethereum blockchain that in the past has had its moments of glory.
It was launched in 2023, that is, after the great bullrun of 2021 and the subsequent bear-market of 2022, so its price was not affected.
The boom occurred during 2024, starting around 1 millionth of a dollar, and ending with an incredible peak recorded at the end of the year at 28 millionths. In less than twelve months, it recorded a gain of over 3,000%.
Obviously, it was a colossal speculative bubble, which indeed burst shortly after mid-December.
It should be noted that the price of Pepe has not returned to the initial levels of 2024, but has dropped to settle just above the levels of April 2024, which is the bottom of 2024 following the first surge at the beginning of the year.
In other words, it has canceled all the gains from the second half of 2024, but retained those from the first half.
This dynamic, to be honest, is not very common among memecoin, whose speculative bubbles generally, when they burst, bring the price back to the initial level.
Furthermore, since it is evidently a purely speculative asset, it is not certain that other bubbles may inflate on its price in the future.
The trend of Pepe’s price tends to perform very well during bullruns, generating speculative bubbles that then burst. Therefore, in the event of further crypto bullruns, it cannot be ruled out that such a dynamic could repeat itself.
The latest performance of Kaspa (KAS)
Also, Kaspa is a whole different thing.
This is a level one blockchain based on Proof-of-Work, whose native crypto is KAS.
KAS debuted on the crypto markets in 2022, in the middle of a bear-market, so it is not too surprising that in the following years it has grown significantly in price.
The initial price was about 0.18 thousandths of a dollar, but already the following year it had risen above 30 thousandths. Most likely, the initial price was enormously undervalued, so it is probably better to take as an initial reference the 3 thousandths of a dollar from August 2022.
So between August 2022 and March 2023 it had already marked a +1,000%, and since then it has continued to rise until August of last year.
Curiously, unlike other crypto, its price in 2024 did not reach its highs after Trump’s electoral victory, but a few months earlier.
In fact, in December 2024 it reached 188 thousandths of a dollar, while in August it had recorded the all-time high over 207.
Even in that case, however, it was a speculative bubble, so much so that during 2025 its price fell to 55 thousandths of a dollar a month ago.
What is worth noting, however, is that this decline has still kept it well above the highs of the first half of 2023, even though it has brought it below the highs of December of the same year.
In other words, the burst of the mini-speculative bubble on KAS wiped out all the gains of 2024, including those at the end of 2023 when the bull run of early 2024 began.
The price chart of KAS shows that, starting from 2023, it does not appear as a particularly speculative trend. In fact, it went from 30 thousandths of a dollar to 207 thousandths and then returned to about 90 thousandths. These are rather common movements in the crypto markets, therefore not typical of the more speculative cryptocurrencies, like Pepe.
Furthermore, the rebound of the last few weeks seems to have drawn a bottom in April, with the conclusion of the descending phase at the beginning of 2025.
