• Polygon’s MATIC has fallen out of the top 10 cryptocurrencies list and been replaced by Solana (SOL).
• MATIC is down 15% in the past seven days, despite bullish partnerships being announced.
• SOL has reentered the top 10 after a long hiatus due to the FTX crisis during which it nuked more than 95%.
Polygon (MATIC) Pushed Out of Top 10 Cryptocurrencies
Polygon’s native token MATIC has been struggling in the past few weeks and as a result, has fallen out of the top 10 cryptocurrencies list. Despite recent announcements from companies such as Franklin Templeton, Sotheby’s and Sports Illustrated launching their products on Polygon, MATIC is down 15% in the past seven days.
Solana (SOL) Reenters Top 10 Cryptocurrencies
In place of MATIC is SOL, Solana’s native currency which has reentered the top 10 cryptocurrencies list with $150 million more in market cap than MATIC. SOL had previously not been in the top 10 for a long time due to its 95% drop during the FTX crisis. It is currently trading at $20.27, down 1.7% on the day and 7.4% in the past week according to data from CoinGecko.
Why Is MATIC Struggling?
It is difficult to pinpoint one exact reason why MATIC is struggling despite bullish partnerships being announced by Polygon recently. However, some possible causes may be an overall bearish trend across all crypto markets or competition from other blockchains such as Solana (SOL).
What Does This Mean For Polygon?
This news does not necessarily mean that Polygon will suffer long-term damage as a result of this fall in price for its token MATIC. It may just be a short-term dip before it recovers back into its position as one of the most used and beloved blockchain projects this year.
Overall, this news shows that cryptocurrency markets can be volatile and unpredictable at times, with tokens such as Polygon’s MATIC falling out of favour despite positive developments occurring within its ecosystem while tokens such as Solana’s SOL experience abrupt rises due to external events outside its control