Polygon (MATIC) Price Struggles to Hold, Falls More Than Closest Competitors

MATIC has fallen to the 13th place in the top cryptocurrency list.

Man holding on to gold Polygon upside down.
Created by Kornelija Poderskytė from DailyCoin
  • Polygon (MATIC) has failed to pump as much as its competitors.
  • MATIC has fallen despite bullish news from the Polygon Labs team.
  • Traders and investors might be anticipating a huge dump in MATIC price.

The current crypto bear market has seen virtually every coin go up 5-90% in just a day or two.

However, some coins struggled to keep up with the pace other competitors increased in price. One such coin is Polygon (MATIC), which has lost a few places in the top 15 cryptocurrency list.

Polygon (MATIC) Price Struggles to Hold

Polygon (MATIC) is one of the top-performing crypto assets this year. However, it has struggled to keep its position in the past few days.

Sponsored

As the crypto market rallied on Wednesday, so did MATIC. It increased by around 14%, according to data from CoinGecko. However, in the past 24 hours, MATIC has decreased by around 4.5%, significantly more than its neighbors on the top 15 crypto list.

That meant that MATIC dropped from the 10th largest cryptocurrency to the 13th. MATIC is currently trading at $0.66 and has a market cap of $6.19 billion, right behind Litecoin (LTC), Tron (TRX), and Solana (SOL), which all have $150-$500 million more in market cap.

Polygon (MATIC) price chart.
Polygon (MATIC) price chart. Source: CoinGecko.

Even good news from the Polygon Labs team hasn’t helped MATIC to pump harder. In one week, Polygon announced that it was going to transform Polygon PoS into Polygon zkEVM validium, as well as launched Polygon Copilot, a ChatGPT-powered chatbot.

Sponsored

One of the reasons MATIC has experienced somewhat weak price action is that the now-defunct crypto lender Celsius is preparing to sell users’ altcoins, including MATIC, for BTC and ETH.

Currently, Celsius holds around $52 million in MATIC tokens and intends to sell them, along with other altcoins like Cardano (ADA), Chainlink (LINK), and Litecoin (LTC).

The total cryptocurrency market capitalization currently stands at $1.21 trillion, according to CoinGecko.

On the Flipside

  • MATIC is still an attractive investment opportunity as the Polygon team has been one of the most active during the bear market.

Why This Matters

Being aware of how popular tokens are doing in terms of price action helps traders and investors to better position themselves in the market.

Read more about recent PEPE price action:

Guess Who’s Back? PEPE Pumps 55% Following Whale’s Massive Purchase

Read more about Polygon Copilot, Polygon’s new chatbot:

How to Use Polygon Copilot, Polygon’s New ChatGPT-Powered Chatbot

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.