MATIC market cap surpasses Shiba Inu after price rebound

It’s been an ideal start to 2022 for Polygon (MATIC) which has risen to become the 13th biggest cryptocurrency in the world, following a price boost due to investment growth.

MATIC’s price surge rose its market cap to $16.09 billion, surpassing Shiba Inu’s $15.72 billion, according to Coin Rivet market data.

The altcoin market was in the midst of a dip at the beginning of the week, and opportunistic investors purchased the likes of MATIC, Chainlink and Fantom, in large quantities.

Several developments for Polygon may have also contributed to the investment in MATIC as news of The Associated Press launching an NFT marketplace for historic photojournalism that would be minted on the Polygon blockchain was announced yesterday.

Polygon also took to Twitter to announce its launch of Plonky2, a recursive SNARK that they say is 100 times faster than existing alternatives and natively compatible with Ethereum.

The Polygon team expanded on the potential of Plonky2 and what it does for its ecosystem.

‘The unique features of Plonky2 open the door for future engineering breakthroughs such as horizontal scaling of blockchain networks, where the throughput increases with every node that gets added to the network,” the project tweeted.

“Thanks to Plonky2, the Polygon ecosystem will have the opportunity to build the most performant and scalable L2s.”