Polygon (MATIC) Surges into Top 10 as Solana (SOL) Drops Below $20.

Polygon (MATIC) Surges into Top 10 as Solana (SOL) Drops Below $20.

Polygon’s MATIC has reclaimed its spot in the top 10 cryptocurrency list with an $8.08 billion market cap, overtaking Solana’s SOL which has fallen out of the top 10 due to a rough week.

  • Polygon’s MATIC is back in the top 10 digital currency list. It has a $8.08 Billion market capitalization.
  • MATIC is up 2.3 percent in the past week.
  • Solana’s Solana (SOL) is down 6 percent in the last 7 days and is now out of the top 10.

The top 10 digital currency list usually stays the same for prolonged periods. Nonetheless, it has been changing quite frequently in the past plenty of weeks.

For instance, 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 (ETH) Layer-2 growing powerhouse, has reentered the top 10 digital currency list.

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Reports by data from CoinGecko, MATIC is now the 10th largest digital currency. The crypto token is currently worth $0.87, down 1.3 percent daily but up 2.3 percent in the past 7 days.

The market capitalization of MATIC as of now stands at $8.08 billion.

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

Solana (SOL) has lost its key level of support of $20 and as of now trades at $19.49, reports by CoinGecko. Solana (SOL) is down around 6 percent in the last week, regardless of becoming the 1st Layer-1 project to integrate a ChatGPT Artificial Intelligence (AI) plugin into its network.

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MATIC’s reentrance to the top 10 can potentially be related to Polygon co-founder’s recent airdrop hints. Past 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 stated, “ There is no rule that an existing crypto token can’t do a substantial airdrop.” This has sparked airdrop speculation between 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 plenty of times and as of now stands at $14.16 Million, reports by data from L2Beat.

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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 crypto token. If it’s in MATIC, the token’s price will decrease owing to increased supply.

Why This Matters

Polygon is one of the leaders in Ethereum (ETH) growing. It’s encouraging to see its crypto token do good regardless of the bear market.

Read more about growing Ethereum (ETH) staking participation:

Ethereum (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


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