TL;DR: Polygon (MATIC) is currently valued at $0.677961 with a market cap of $6.31 billion, placing it at #13 in the market cap rank. It has a 24-hour trading volume of $201,156,420 and has garnered the attention of 537,270 watchlists. The community surrounding it includes 59,341 Reddit subscribers, 110,068 Twitter followers, and 56,126 Telegram users.

As a prominent layer-2 scaling solution for Ethereum, Polygon (MATIC) has carved out a significant niche in the cryptocurrency ecosystem. With a current price of $0.677961, a market cap of $6.31 billion, and a position at #13 in the market cap ranking as of July 10, 2023, it deserves a closer look. This article will delve into Polygon's market data, community engagement, and potential future trajectory.

Market Dynamics

Polygon's market performance is characterized by several key metrics. The cryptocurrency has a circulating supply of 9.31 billion MATIC, out of a maximum supply of 10 billion MATIC, meaning about 93.2% of the total possible supply is currently in circulation. The 24-hour trading volume is $201,156,420, indicating a strong level of activity around this token.

In the past 24 hours, Polygon's price has moved between $0.675960 and $0.698737. Looking at the past week, the price has ranged between $0.658269 and $0.717836. These figures underscore a moderate level of volatility, typical for the cryptocurrency market.

Polygon's market cap dominance stands at 0.521%, placing it in the top 15 cryptocurrencies. The volume-to-market cap ratio, which measures the liquidity of a coin relative to its market size, is 0.0319.

Community Engagement

Community engagement is a key determinant of a cryptocurrency's potential for success. Polygon's community is quite active, with 59,341 Reddit subscribers, 110,068 Twitter followers, and 56,126 Telegram users. These numbers suggest a high level of interest and ongoing discussion about Polygon, which could support its value and adoption.

Future Trajectory

Given Polygon's robust market performance and active community, it's reasonable to predict continued growth and stability. The future will be shaped by factors like further developments in the project, the broader market sentiment, and regulatory changes, among other factors.

What is the Significance of Polygon's Market Cap?

The market cap of Polygon, currently at $6.31 billion, is the total dollar market value of all its outstanding coins. It's calculated by multiplying the current market price by the total supply of coins. A high market cap often corresponds with a large, well-established cryptocurrency. For Polygon, its market cap positions it at the #13 rank among all cryptocurrencies, reflecting its substantial role in the market.

How Does Polygon's Community Engagement Impact Its Value?

Community engagement can greatly influence the success and value of a cryptocurrency. An active community often leads to increased stability and potential growth of the coin. For Polygon, the substantial number of Reddit subscribers, Twitter followers, and Telegram users suggests a high level of interest and engagement. This can drive demand and potentially increase the coin's value. It also ensures that important information about the coin, such as updates or significant news, can spread quickly, thus influencing market reactions.