Crypto News – One of the main beneficiaries of the October-starting cryptocurrency market rebound has been MATIC, the native token of the layer-2 blockchain Polygon.
Polygon MATIC Token Becomes 11th Largest Cryptocurrency by Market Cap
The token’s price has risen dramatically since then, and it currently ranks 11th among cryptocurrency networks by market capitalization, surpassing popular altcoins. As broad interest in the token expanded, whale activity also increased, which is why the spike occurred. According to reports, since October, whale trades on exchanges have been increasing.
CoinMarketCap data likewise indicates that the token’s price has increased significantly. MATIC’s price has increased by almost 80% in the past 30 days. The coin is trading at $0.8709 at the time of publication.
It Wonders If MATIC Can Reach Its Peak Price
The token’s latest spike has brought it up to par with its May performance from earlier this year. The MATIC community is curious as to whether the token may match the February peak price of $1.5256, given that the current price is still below that level.
However, as holders attempt to make up for losses from earlier months, the recent spike is sure to delight the MATIC community. Moreover, the currency maintains its lead over cryptocurrencies like Chainlink, Toncoin, and Polkadot due to its $8.1 billion market capitalization.