Polygon (MATIC) Loses Top 10 Spot as Solana (SOL) Reenters
• Polygon’s MATIC has dropped out of the top 10 cryptocurrencies, falling 15% in the past week.
• Solana (SOL) has reentered the top 10 cryptocurrencies list, overtaking MATIC by $150 million in market cap.
• Despite several bullish announcements and partnerships, MATIC has continued to struggle due to multiple factors.
Polygon (MATIC) Pushed Out of Top 10 Cryptocurrencies
Polygon’s native token MATIC has had a meteoric rise earlier this year, making it into the top 10 cryptocurrency list. However, in the last week or so, MATIC is down 15%, resulting in it dropping out of the top 10 list and allowing Solana (SOL) to reenter.
MATIC Struggles Despite Bullish Announcements
Despite Polygon announcing bullish partnerships with companies such as Franklin Templeton, Sotheby’s and Sports Illustrated launching their products on Polygon’s network, MATIC failed to stay in the top 10 list. This is mostly due to multiple factors that have caused a downward trend in its value over time.
Solana Reenters Top 10 Cryptocurrencies
After taking a hiatus from being part of the top 10 cryptocurrencies list for quite some time, SOL managed to overtake MATIC and reenter the list by having more market cap than it. SOL currently trading at $20.27 and is down 1.7% on the day and 7.4% in the past week according to CoinGecko data.
Factors Contributing To The Struggle Of MATIC
It’s difficult to pinpoint exactly what caused such a drastic drop for Polygon’s native token but some possible explanations include high gas fees on Ethereum network leading users towards other platforms such as Binance Smart Chain and Polkadot; competition from other projects like Solana; lack of real use cases for their tokens; or even general market volatility causing people to divest from riskier assets such as cryptocurrencies.
In conclusion, while Polygon’s innovation continues with various new partnership announcements being made regularly, its native token still seems to be struggling despite this growth which resulted in it dropping out of the top 10 cryptos allowing Solana (SOL)to reenter instead