• Polygon’s MATIC token has dropped out of the top 10 cryptocurrencies list, replaced by Solana (SOL).
• The drop is despite Polygon announcing bullish partnerships.
• SOL has reentered the top 10 after a long hiatus due to an FTX crisis.
Polygon’s MATIC Pushed Out of Top 10 Cryptocurrencies
Polygon’s native token MATIC has had astronomical growth and was a top 10 cryptocurrency earlier this year. However, MATIC has been struggling in the past few weeks, resulting in its fall out of the top 10 list and paving way for Solana (SOL) to reenter.
MATIC Drops 15% in Past Week
MATIC is down 15% in the past seven days as per data from CoinGecko. It’s currently trading at $0.84 with a market cap of $7.81 billion.
Solana Reenters Top 10 Cryptocurrencies
Solana’s native currency SOL has come back to the top 10 cryptocurrencies list with a market cap of $150 million more than MATIC. SOL had been out of the top 10 for a long time due to an FTX crisis which caused it to nuke more than 95%.
Recent Partnerships Fail To Help Polygon
Despite Polygon announcing bullish partnerships such as Franklin Templeton launching a money market fund, Sotheby’s launching its NFT marketplace on Polygon and Sports Illustrated releasing its NFT ticketing platform, these have not allowed MATIC to stay in the top 10.
SOL Trading at $20.27
SOL is currently trading at $20.27, down 1.7% on the day and 7.4% in the past week according to CoinGecko data.