Polygon (MATIC) Reclaims Top 10 Spot as Solana (SOL) Falls Below $20

  • Polygon’s MATIC is back in the top 10 cryptocurrency list. It has a $8.08 billion market cap.
  • MATIC is up 2.3% in the past week.
  • Solana’s SOL is down 6% in the last seven days and is now out of the top 10.

The top 10 cryptocurrency list usually stays the same for prolonged periods. However, it has been changing quite frequently in the past several weeks.

For example, Polygon (MATIC) has just reclaimed its spot in the top 10 list by overtaking Solana (SOL), which has been going through a rough week.

Polygon Bounces Back

Polygon (MATIC), the Ethereum Layer-2 scaling powerhouse, has reentered the top 10 cryptocurrency list.

According to data from CoinGecko, MATIC is now the 10th largest cryptocurrency. The token is trading at $0.87, down 1.3% daily but up 2.3% in the past seven days.

The market cap of MATIC currently stands at $8.08 billion.

Above MATIC in the top 10 list are Dogecoin (DOGE), Lido Staked ETH (stETH), Cardano (ADA), and others. Below MATIC is Solana (SOL), which has again fallen out of the top 10.

SOL has lost its key support level of $20 and currently trades at $19.49, according to CoinGecko. SOL is down around 6% in the past week, despite becoming the first Layer-1 project to integrate a ChatGPT AI plugin into its network.

MATIC’s reentrance to the top 10 might be related to Polygon co-founder’s recent airdrop hints. Last week, Sandeep Nailwal responded to a tweet saying that Polygon zkEVM isn’t getting any traction because it has no airdrop plans, and thus users aren’t incentivized to use the network.

Nailwal said, “There is no rule that an existing token can’t do a massive airdrop.” This has sparked airdrop rumors among Polygon users who have flocked to Polygon zkEVM to use the network in anticipation of an airdrop.

Since Nailwal’s comments, TVL on Polygon zkEVM has grown several times and currently stands at $14.16 million, according to data from L2Beat.

On the Flipside

  • If Polygon decides to do an airdrop, it will be interesting to see whether it will be in MATIC or a new token. If it’s in MATIC, the token’s price will decrease due to increased supply.

Why This Matters

Polygon is one of the leaders in Ethereum scaling. It’s encouraging to see its token do good despite the bear market.

Read more about rising ETH staking participation:

ETH Staking Participation Could Rise to 50% Next Year: Bitfinex Report

Read more about continued crypto outflows:

Crypto Outflows Continue as Weekly Trading Volume Hits Historical Lows

Sourced from dailycoin.com.

Written by on 2023-05-24 12:00:00.

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