- Polygon’s MATIC is down 15% in the past week.
- MATIC is down despite Polygon announcing bullish partnerships.
- Solana has reentered the top 10 cryptocurrency list.
Polygon has been one of the most used and beloved blockchain projects in the past few years. No wonder Polygon’s native token MATIC has had astronomical growth and was a top 10 cryptocurrency earlier this year.
However, MATIC has been struggling in the past few weeks. That struggle resulted in MATIC falling out of the top 10 and giving way for Solana (SOL) to reenter the list.
Polygon Drops out of Top 10 Cryptocurrencies
Polygon’s MATIC has been on a downward trend in the past week or so. The token, which had enjoyed being in the top 10 cryptocurrencies list for the most part of the year, is now down double percentage points.
Out of the top 30 coins, Polygon’s MATIC has gone down the most. Other tokens and coins that have dumped hard in the past week include SHIB (-12.4%), AVAX (-12%), and ICP (-13.3%).
MATIC has been struggling despite Polygon’s continuous innovation and recent significant partnership announcements. In the past few weeks, multiple companies announced that they’re launching their products on Polygon.
Those companies include Franklin Templeton, which launched a $270M money market fund. Sotheby’s, the iconic auction house famous for selling curated art pieces, launched its NFT marketplace on Polygon, and Sports Illustrated released its NFT ticketing platform.
This has not allowed MATIC to stay in the top 10. Instead, Solana (SOL), one of Polygon’s rivals, has reentered the top 10 after a long hiatus.
Solana Reenters Top 10 Cryptocurrencies
Solana’s native currency SOL has come back to the top 10 cryptocurrencies list. On Friday, SOL overtook MATIC and now has $150 million more in market cap.
SOL hadn’t been in the top 10 for a long time. This is mostly due to the FTX crisis during which SOL nuked more than 95% from its all-time high of $259.96 to around $9.
SOL is currently trading at $20.27, down 1.7% on the day and 7.4% in the past week, according to data from CoinGecko.
While it’s difficult to pinpoint why SOL has dumped less than MATIC, Solana has had its share of positive announcements in the past few weeks.
A month ago, Solana released Solana Saga, its newest Android smartphone packed with web3 applications. On top of that, Helium, a network for IoT devices that uses nodes as hotspots to connect wireless devices to the network, completed its transition from its own blockchain to Solana a few weeks ago.
On the Flipside
- Polygon is still one of the most promising blockchains in the industry. It wouldn’t be surprising if it reenters the top 10 and goes even higher.
Why You Should Care
Polygon and Solana are two of the most popular blockchains in the world. It’s entertaining to see how their native currencies are competing with each other.
Read more about Sotheby’s new NFT marketplace on Polygon:
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