Polygon’s native token, MATIC, has reached a significant milestone as the 11th largest cryptocurrency by market capitalization. This achievement is largely due to a substantial increase in its token value, driven by heightened activities from cryptocurrency whales.
MATIC has seen an impressive 30-day performance, with a nearly 80% surge in value according to the latest data from CoinMarketCap. This growth has positioned MATIC as one of the top performers in the recent crypto market resurgence. Currently, MATIC is trading at around $0.9298, indicating 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 since October.
While MATIC’s current market performance mirrors its impressive run earlier in the year, it is still trading below its peak price recorded in February. Despite this, the MATIC community remains optimistic about the token’s potential to reach or surpass its previous highs.
MATIC’s growth is also influenced by broader crypto market trends, particularly the speculations around the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission. This market recovery has positively impacted various altcoins, including MATIC.
With a market capitalization of $8.6 billion, MATIC currently stands ahead of other notable altcoins like Chainlink, Toncoin, and Polkadot. Its trajectory also positions it as a strong contender to overtake Dogecoin and TRON, which are currently ranked 9th and 10th, respectively. The MATIC community remains enthusiastic, looking forward to potential gains and further advancements in the token’s value.