Polygon (MATIC), the Ethereum Layer-2 scaling solution, has reclaimed its spot in the top 10 cryptocurrency market capitalization rankings.
According to data from CoinGecko, MATIC is now the 10th largest cryptocurrency with a market capitalization of $8.08 billion. The token is trading at $0.87, down 1.3% daily but up 2.3% in the past seven days.
MATIC’s re-entry into the top 10 comes after a period of consolidation for the token. The price of MATIC has been trading between $0.70 and $0.90 since early March.
There are a few factors that could be contributing to MATIC’s recent price gains. One factor is the continued growth of the Polygon ecosystem. The network has seen a number of new projects launch in recent months, including Aave, SushiSwap, and Balancer.
Another factor is the recent announcement of a partnership between Polygon and the decentralized exchange (DEX) aggregator 1inch. The partnership will allow MATIC holders to swap tokens on 1inch with lower fees.
Finally, MATIC’s recent price gains could also be due to speculation about an upcoming airdrop. Last week, Polygon co-founder Sandeep Nailwal hinted that the network could be planning an airdrop. This has sparked excitement among MATIC holders, who are hoping to receive free tokens.
It remains to be seen whether MATIC can maintain its position in the top 10. However, the recent price gains suggest that the network is gaining momentum. If MATIC can continue to grow its ecosystem and attract new users, it could challenge some of the larger cryptocurrencies in the market.