Crypto Winter Update: Polygon (MATIC) Surpasses Shiba Inu (SHIB) in Market Cap

Discover the latest developments in the crypto market as Polygon (MATIC) overtakes Shiba Inu (SHIB) in market capitalization, highlighting their respective struggles and potential for growth amidst the crypto winter.

Published on 2022-10-18

Crypto Market Overview

The crypto winter has led to significant losses for most top cryptocurrencies, but Bitcoin and Ethereum have shown resilience with 3% gains over the past week. Polygon (MATIC) has emerged as a standout performer, rising 4.4% in 24 hours and 8% weekly, surpassing Shiba Inu (SHIB) in market capitalization.

Polygon's Rise

Polygon (MATIC) has climbed to the 12th spot with a market cap of $6.49 billion, outperforming SHIB, which now holds $6.13 billion. Despite being 41% down year-over-year and 70% from its all-time high, MATIC's progress in the bear market is notable.

Shiba Inu's Challenges

Shiba Inu (SHIB) faces pressure from Tron (TRX) and Lido Staked Ether (stETH), which are close behind in market cap. However, SHIB has maintained above $6 billion since October 13, supported by community efforts and a partnership with Google Cloud. The upcoming Shibarium Layer-2 solution is anticipated to boost SHIB's prospects.

Market Implications

Both MATIC and SHIB, despite their struggles, hold significant potential to drive crypto adoption due to their visibility and ongoing developments. Their performances are crucial indicators of the market's direction during this challenging period.

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