Polygon’s native token, MATIC, has reached a significant milestone as it has become the 11th largest cryptocurrency by market capitalization. This achievement is mainly due to a substantial increase in its token value, driven by heightened activities from cryptocurrency whales.
MATIC has experienced a remarkable 30-day performance, with a nearly 80% surge in its value, positioning it as one of the top performers in the recent crypto market resurgence. Currently trading at around $0.9298, MATIC has shown notable recovery and growth.
The rise in MATIC’s market value can be attributed to increased activities by large-scale investors or ‘whales’, with reports indicating a consistent rise in whale transactions on exchanges since October.
While MATIC’s current market performance mirrors its impressive run earlier in the year, it is still trading below its peak price of $1.5256, leaving the MATIC community optimistic about its potential to reach or surpass its previous highs.
Additionally, MATIC’s growth is partly influenced by broader crypto market trends and speculations around the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission, which has positively impacted various altcoins, including MATIC.
With a market capitalization of $8.6 billion, MATIC stands ahead of other notable altcoins like Chainlink, Toncoin, and Polkadot. Its current trajectory positions it as a strong contender to overtake Dogecoin and TRON, which are currently ranked 9th and 10th, respectively. The MATIC community remains highly enthusiastic, looking forward to potential gains and further advancements in the token’s value.