MATIC Rising – Polygon Briefly Flips Market Cap of Solana

After over a year in the top 10, Solana briefly fell behind Polygon in terms of market capitalization. MATIC’s recent rise is no fluke either.

Dominating Week Sees Matic on the Rise

The market capitalization (market cap) of Polygon’s native coin, MATIC, temporarily flipped SOL, the native coin of Solana. Albeit brief, the flip is telling of current market signals.

MATIC pushed past $10.75 billion in market cap to take a top 10 spot among cryptocurrencies on CoinMarketCap (CMC) on Nov. 7. The numbers at CMC currently show SOL back in the number 10 spot. The figures at CoinGecko show that the flip has returned as well, with MATIC at $10.25 billion and SOL at $10.33 billion, at the time of writing.

The two coins, SOL and MATIC, have seen near opposite monthly numbers as the flippening approached.

Let’s start with SOL. Despite positive news of several Web2 integrations and the addition of Google Cloud as a validator coming out of the Solana Breakpoint in Lisbon the first week of November, the SOL coin has fallen 13.1% in the last 30 days, according to CoinGecko. After spending over a year in the top 10, SOL has not sustained the hype.

The bear market has been especially hard on Solana as the proof-of-history chain faced outages and a dwindling reputation. The connection between the recently embattled Sam Bankman-Fried has not helped either.

MATIC, on the other hand has boomed off the back of key announcements that include names like Meta (Instagram), Disney, and Starbucks choosing Polygon for NFT integrations. Polygon was also used by JP Morgan for its first major digital asset pilot payment. The coin is up 41.0% in the last 30 days, with some investors eyeing a 200% increase by early 2023.

A recent Messari report also showed that Polygon NFTs had the strongest third quarter performance of any major cryptocurrency.

Polygon looks to be a strong play heading into 2023.

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