While there has been encompassing growth in the broader digital currency ecosystem today, the price action of Polygon (MATIC) is showing the possibility that Dogecoin (DOGE) may be flipped soon. According to data from CoinMarketCap, Polygon is currently changing hands at $1.31, up by 5.78% over the past 24 hours and by 19.36% in the past week.
This price action compares to that of the industry's flagship meme coin, Dogecoin, which is changing hands at $0.09187. Dogecoin has recorded a relatively slower growth of 0.81% and 0.60% in the past 24 hours and seven days, respectively.
Based on where both altcoins are at the moment, the market capitalization of Dogecoin ranks in ninth place, and Polygon in tenth place, at about $756 million. Speculation now remains that should the price action of Polygon continue when that of Dogecoin steers more conservatively, there are chances MATIC will flip DOGE in the near to midterm.
The rise in the ranking of digital currencies is not a special event, and besides Bitcoin (BTC) and Ethereum (ETH) — which are yet to be displaced — no digital currency is indispensable in the near term.
Favorable fundamentals for Polygon
For the past few weeks, Polygon has been experiencing a lot of bullish ecosystem fundamentals that are bound to help push up 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 these so-called Ethereum killers. As a result, the protocol has recorded a more massive leap in non-fungible token (NFT) related activities.
The protocol has been seeing a lot of functional partnerships ranging from those with Doritos chip makers to that of Starbucks, among others. Considering the strength and the pace of its ecosystem's growth, Bloomberg Senior Strategist Mike McGlone has also tipped a Polygon takeover riding on its superiority.