Solana Flips MATIC to Reclaim Top 10: Is Dogecoin Next?

Now that Solana has flipped Polygon, could it finally catch back up to the world’s premiere doggy coin?

article-image

dCrypto/Shutterstock modified by Blockworks

share

Solana’s SOL has flipped one of its primary rivals, Polygon’s MATIC, to reclaim a spot in the top 10 market caps.

SOL’s valuation was more than triple that of MATIC’s leading around the time of the Terra debacle last May — $16.8 million to $5 billion.

But the FTX disaster crushed Solana. The native token for its layer-1 network collapsed upwards of 70% in the weeks following November’s crisis.

FTX founder Sam Bankman-Fried had been one of the protocol’s loudest proponents (and biggest backers), with his venture capital dollars spread far and wide across Solana’s ecosystem. 

The market quickly rejected SOL and many other tokens in Bankman-Fried’s orbit once allegations of sweeping fraud came to light — while MATIC began to outperform the market significantly.

Polygon describes itself as a “sidechain solution” that assists Ethereum in running smoothly (read: helps it scale). When Solana flipped number-two dogcoin shiba inu (SHIB) in late January, the obvious question was whether MATIC was next. 

SOL did briefly eclipse MATIC around that time, for five days in total.

  • But it spent most of the time since valued some $2 billion lower. 
  • Solana now has the edge by about $123 million ($7.93 billion to $7.81 billion). 
  • Dogecoin (DOGE) is the next most valuable cryptocurrency at nearly $9.9 billion.
SOL is still about 40% below its valuation as the FTX scandal struck

Why has Solana flipped Polygon?

Granted, SOL is only worth about 1.5% more right now. And it could very well be that Polygon re-flips Solana again sometime soon.

But Solana has seen some interesting developments of late. Solana Saga, a branded Android phone filled with Web3 apps by default in the same vein as HTC’s Exodus range, is now available for public order. That’s exciting for Solana fans.

Helium, the crypto-powered incentivization system for ad-hoc wireless hotspots, also completed its migration to Solana last month. Its community voted to abandon its own blockchain network last September.

That’s not to say things aren’t buzzing in Polygon world, what with its major corporate NFT partnerships with the likes of Starbucks and DraftKings.

But a flippening is a flippening. 

Is Dogecoin next?


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /