With the current price action, the odds of Polygon knocking Dogecoin down the leaderboard are high
While there has been overall growth in the broader digital currency ecosystem today, the price action of Polygon (MATIC) shows the possibility that Dogecoin (DOGE) will soon be toppled. According According to data from CoinMarketCap, Polygon is currently changing hands at $1.31, up 5.78% in the past 24 hours and up 19.36% in the past week.
This price action compares to that of the industry’s flagship coin, Dogecoin, changing hands at $0.09187. Dogecoin has checked in relatively slower growth of 0.81% and 0.60% over the past 24 hours and seven days, respectively.
Based on the current situation of the two altcoins, the market capitalization of Dogecoin ranks in ninth place and Polygon in tenth place, at around $756 million. Speculation now remains that if Polygon’s price action continues when Dogecoin’s is heading more conservatively, there is a chance that MATIC will topple DOGE in the short to medium term.
The rise in the ranking of digital currencies is not a special event, and apart from Bitcoin (BTC) and Ethereum (ETH) – which have yet to be replaced – no digital currency is indispensable in the short term.
Favorable fundamentals for Polygon
Polygon has seen plenty of bullish ecosystem fundamentals over the past few weeks that are sure to help accelerate its token’s growth.
As a Layer 2 protocol, Polygon is relatively faster and cheaper than its parent chain, Ethereum, as well as most of those so-called Ethereum killers. As a result, the protocol saw a more massive jump in non-fungible token (NFT) related activity.
The protocol has seen many working partnerships ranging from those with chipmakers Doritos to that of Starbucks, among others. Given the strength and pace of growth in its ecosystem, Bloomberg senior strategist Mike McGlone also tipped a Polygon takeover over its superiority.