Polygon, also known as MATIC, has reclaimed its position as the 10th largest cryptocurrency in the world in terms of market capitalization. The network has flipped Solana, also known as SOL, to once again enter the top 10 clubs.
According to CoinMarketCap’s data, MATIC’s price surged by more than 8% in the last 24 hours, and at the time of writing, it was trading at $1.08 with a market capitalization of over $9.4 billion. This significant price action has helped Polygon secure a spot among the top 10 cryptocurrencies in the world.
The credit for this price surge can be attributed to the recent developments that have occurred in the Polygon ecosystem. For example, ZenGo Wallet partnered with Polygon to make it safe for the Polygon NFT community to store assets in the first non-custodial wallet with no seed phrase vulnerability. This development has helped to increase the adoption of Polygon and has attracted a lot of investors to the network.
Another factor that could have contributed to the price surge of Polygon is the increasing popularity of the DeFi (Decentralized Finance) space. Polygon is a layer 2 scaling solution that enables fast, low-cost transactions on Ethereum. This makes it an ideal solution for the DeFi space, which is currently one of the most popular and fastest-growing sectors in the crypto industry.
Furthermore, Polygon’s recent price action has also attracted the attention of several major institutions. These institutions are now starting to explore the potential of Polygon, which has helped to increase its popularity and adoption.
In conclusion, Polygon has once again reclaimed its position as the 10th largest cryptocurrency in the world in terms of market capitalization. The network’s recent price action, along with the recent developments in the Polygon ecosystem, such as the partnership with ZenGo Wallet, and the increasing popularity of the DeFi space, have played a significant role in this achievement. As the crypto market continues to evolve, it will be interesting to see how Polygon performs in the future and whether it can maintain its position among the top 10 cryptocurrencies in the world.