- Polygon’s MATIC is down 15% in the past week.
- MATIC stock fell despite Polygon reporting bullish partnerships.
- Solana re-entered the top 10 cryptocurrency list.
Polygon has been one of the most loved and used blockchain projects in the past few years. No wonder Polygon’s native MATIC token has achieved astronomical growth and was in the top 10 cryptocurrencies earlier this year.
However, MATIC has been struggling these past few weeks. This struggle knocked MATIC out of the top 10 and made way for Solana (SOL) to re-enter the list.
Polygon pulls out of the top 10 cryptocurrencies
Polygon’s MATIC has been in a downtrend for the past week or so. The token, which had enjoyed being in the top 10 cryptocurrency list for the better part of the year, is now down by double percentage points.
Among the top 30 coins, Polygon’s MATIC dropped the most. Other tokens and coins that have been heavily dumped in the past week include: Graying (-12.4%), AVAX (-12%), and ICP (-13.3%).
MATIC has been struggling despite Polygon’s continued innovation and recent significant partnership announcements. In the past few weeks, many companies have announced that they will be launching their products in India ribbed.
Those companies include Franklin Templeton, which Launched a $270 million money market fund. Sotheby’s is famous for selling curated art pieces. NFT market launched On Polygon and Sports Illustrated NFT has released its own ticketing platform.
This did not allow MATIC to stay in the top ten. Solanaone of Polygon’s competitors, is back in the top ten after a long hiatus.
Solana re-enters the top 10 cryptocurrencies
Solana’s original coin, SOL, is back in the top 10 cryptocurrency list. On Friday, SOL overtook MATIC and now has an additional $150 million in market capitalization.
SOL has not been in the top ten for a long time. This is mostly due to the FTX crisis during which SOL has dumped over 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 hard to say why SOL has given up less than MATIC, Solana has had her share of positive announcements in the past few weeks.
A month ago, Solana released Solana Saga, its latest Android smartphone packed with web3 apps. Moreover, Helium, which is a network of IoT devices that uses nodes as connection points to connect wireless devices to the network, She completed her transition From his blockchain to Solana a few weeks ago.
on the flip side
- Polygon remains one of the most promising blockchains in the industry. It wouldn’t be surprising if it returned to the top ten and rose even higher.
Why should you bother
Polygon and Solana are two of the most popular blockchains in the world. It’s fun to see what their original coins are like competing one another.
Read more about the new Sotheby’s NFT market on the polygon:
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