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Polygon overtakes Solana by market cap- MATIC’s journey to moon guaranteed?

2min Read
Polygon overtakes Solana by market cap- MATIC's journey to moon guaranteed?

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  • Polygon became the 10th largest crypto in terms of market cap.
  • Metrics remained bullish over the last week.

Polygon [MATIC] reclaimed its position as the 10th largest cryptocurrency in the world in terms of market capitalization by flipping Solana [SOL]. Thanks to MATIC’s recent price action, which helped the network once again enter the top 10 clubs.

CoinMarketCap’s data revealed that 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. 


Read Polygon’s [MATIC] Price Prediction 2023-24


These might have played a role

The credit for this price surge can be given to the recent developments that happened in the Polygon ecosystem. For instance, 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 partnership will make the Polygon NFT space more secure for its users. However, despite this, Santiment’s chart revealed that the total NFT trade counts and trade volume in USD in the Polygon network registered a decline over the last week. 

Source: Santiment

Interestingly, a few days ago, Polygon managed to outperform Ethereum in terms of daily active addresses, as it ranked second on the list. This was a commendable accomplishment because it reflected the increased number of network users.


Is your portfolio green? Check the Polygon Profit Calculator


Fuel for this surge

A look at Polygon’s on-chain metrics revealed quite a few factors that have fueled MATIC’s latest price pump. For example, MATIC’s net deposits on exchanges were low compared to the 7-day average, suggesting less selling pressure.

MATIC’s 1-week price volatility also registered an uptick in the last few days. Furthermore, MATIC’s MVRV Ratio also went up considerably over the past week, which was a development in the buyers’ favor.

Nonetheless, the token’s network growth went down sharply on 27 January, which might be troublesome for the blockchain.

Source: Santiment

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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