- Polygonโs MATIC is back in the top 10 digitalย currency list. It has a $8.08 Billion marketย capitalization.
- MATIC is up 2.3 percent in the past week.
- Solanaโs Solanaย (SOL) is down 6 percent in the last 7 days and is now out of the top 10.
The top 10 digitalย currency list usually stays the same for prolonged periods. Nonetheless, it has been changing quite frequently in the past plentyย of weeks.
Forย instance, Polygon (MATIC) has just reclaimed its spot in the top 10 list by overtaking Solanaย (SOL), which has been going through a rough week.
Polygon Bounces Back
Polygon (MATIC), the Ethereumย (ETH) Layer-2 growing powerhouse, has reentered the top 10 digitalย currency list.
Reportsย by data from CoinGecko, MATIC is now the 10th largest digitalย currency. The cryptoย token is currentlyย worth $0.87, down 1.3 percent daily but up 2.3 percent in the past 7 days.
The marketย capitalization of MATIC asย ofย now stands at $8.08 billion.
Over MATIC in the top 10 list are Dogecoinย (DOGE), Lido Staked Ethereumย (ETH) (stETH), Cardanoย (ADA), and others. Below MATIC is Solanaย (SOL), which has onceย more fallen out of the top 10.
Solanaย (SOL) has lost its key levelย ofย support of $20 and asย ofย now trades at $19.49, reportsย by CoinGecko. Solanaย (SOL) is down around 6 percent in the lastย week, regardlessย of becoming the 1st Layer-1 project to integrate a ChatGPT Artificialย Intelligenceย (AI) plugin into its network.
MATICโs reentrance to the top 10 canย potentially be related to Polygon co-founderโs recent airdrop hints. Pastย week, Sandeep Nailwal responded to a tweet saying that Polygon zkEVM isnโt getting any traction because it has no airdrop plans, and thus users arenโt incentivized to use the network.
Nailwal stated, โ Thereย is no rule that an existing cryptoย token canโt do a substantial airdrop.โ This has sparked airdrop speculation between Polygon users who have flocked to Polygon zkEVM to use the network in anticipation of an airdrop.
Since Nailwalโs comments, TVL on Polygon zkEVM has grown plentyย of times and asย ofย now stands at $14.16 Million, reportsย by data from L2Beat.
The other side
- If Polygon decides to do an airdrop, it will be interesting to see whether it will be in MATIC or a new cryptoย token. If itโs in MATIC, the tokenโs price will decrease owingย to increased supply.
Why This Matters
Polygon is one of the leaders in Ethereumย (ETH) growing. Itโs encouraging to see its cryptoย token do good regardlessย of the bear market.
Read more about growing Ethereumย (ETH) staking participation:
Ethereumย (ETH) Staking Participation Could Boost to 50 percent Next Year: Bitfinex Report
Read more about continued cryptocurrency outflows:
Cryptocurrency Outflows Continue as Weekly Trading Volume Hits Historical Lows
