Dogecoin (DOGE) is surpassed by Polygon (MATIC) in terms of market cap as the zkEVM hype grows

• Polygon’s market cap is now a few hundred million dollars larger than Dogecoin’s.
• MATIC has become the ninth-largest cryptocurrency in the market.
• Polygon’s recent success might be related to the hype surrounding its zkEVM launch soon.

Despite the recent crypto bad market, the value of Polygon (MATIC) keeps rising. The native token of the project, MATIC, now ranks ninth in terms of market capitalization, surpassing Dogecoin (DOGE).

According to data from CoinGecko, MATIC’s market capitalization is currently $11.52 billion. That is more than Dogecoin’s market cap of $11.33 billion. Since March of last year, that is the biggest market capitalization MATIC has experienced.

Additionally, Polygon is not far from acquiring Cardano (ADA), which has a $12.72 billion market cap at the moment.

Nearly $19 billion is MATIC’s all-time high market capitalization, which it attained in December 2021 during the height of the previous crypto bull market. The price of MATIC has increased by almost 40,000% from its all-time low of $0.003 despite the brutal crypto winter that saw several tokens hit their record lows. It is presently trading at $1.28.

While there are several reasons why MATIC has been able to maintain its value over the past year, Polygon’s recent success is likely due more to reports that its zkEVM scaling solution would soon appear on the Ethereum mainnet.

Increased Polygon zkEVM Hype

Recently, Polygon has promoted its zkEVM scaling solution, on which only a small number of teams are currently working.

That is due to how challenging it is to create zkEVMs. The holy grail of Ethereum scaling is referred to as a zkEVM, or zero-knowledge Ethereum Virtual Machine. By doing computation and data storage off-chain and producing zero-knowledge proofs to confirm the legitimacy of off-chain transaction batches, zkEVMs increase throughput and lower gas costs.

ZkEVMs are not yet operational on the Ethereum mainnet. Sandeep Nailwal, the co-founder of Polygon, tweeted on January 17 that the team working on the company’s zkEVM has established a launch date and that it will happen “soon.”

Additionally, Eduardo Antua, the primary developer of Polygon’s zkEVM, tweeted on Thursday that the company has managed to raise the expenses and proving time for its zkEVM.

This suggests that Polygon’s zkEVM will soon be implemented on the Ethereum mainnet, at least in theory. That would be a singular accomplishment that might raise MATIC to new heights.

On the other hand

• Depending on who you ask, “soon” could signify different things. It is yet unknown when Polygon intends to introduce their zkEVM.
• The price of MATIC may change as a result if Polygon’s zkEVM launch attempt this year is unsuccessful.
• What part MATIC will play in Polygon’s zkEVM is still a mystery.

Why It’s Important

One of the busiest teams striving to scale Ethereum is Polygon. The MATIC price movement demonstrates that consumers and investors have confidence in Polygon’s capacity to deliver products that scale Ethereum to billions of users.