The price of the Polygon token, POL (formerly known as MATIC), surged to $0.24 on Wednesday. This increase followed the announcement by co-founder Sandeep Nailwal that he has taken over as the new CEO of the Polygon Foundation. Additionally, the overall uptick in the cryptocurrency market has contributed to the rise in POL’s price.
Price Surge for Polygon Token
Recently, the POL token experienced a significant increase, gaining 6% and reaching approximately $0.23 as of June 11, 2025. CoinMarketCap reported a peak price of $0.24, with daily trading volumes rising by 48% to exceed $185 million. The market capitalization of POL stood at around $2.45 billion at that time.
Polygon’s Growth Among Altcoins
The surge in POL coincided with broader gains among major altcoins, driven by Bitcoin’s rise to $110,000. Other notable winners included Ethereum, Solana, and XRP, alongside an increase in Stellar’s price.
However, the rise of POL is particularly noteworthy due to significant operational changes within the Polygon Foundation. Sandeep Nailwal confirmed on June 11 that he is now entirely in charge as CEO, following his co-founder Mihailo Bjelic’s recent departure, which left only one of the four original co-founders remaining in the project.
Important update from @sandeepnailwal đź’Ş https://t.co/tPPRSgbUuc
— Polygon (@0xPolygon) June 11, 2025
Nailwal’s appointment indicates a substantial strategic shift for Polygon as bullish investors look to capitalize on recent growth indicators. The ecosystem noted major successes in May, including a 20% increase in total transfers, which rose from $67.4 million in April to over $81 million. Meanwhile, the transfer volume saw a 5.3% increase, reaching $141 billion, while the number of active addresses grew by 16.3%, totaling 5.6 million. There was also an uptick in the supply of stablecoins by 8.2% to $2.1 billion, signaling significant interest.
Nailwal’s New Role as CEO
In a detailed post on X, Nailwal expressed that he is now the largest holder of POL and a driving force behind its development. He is the first CEO of the Polygon Foundation, having previously refrained from taking on that role to focus on institutional governance.
“Polygon needs clear direction and targeted execution right now,” Nailwal stated, adding that the Foundation will pivot its focus toward both Polygon PoS and Agglayer. The Polygon PoS will target stablecoin payments and real-world assets (RWA), while Agglayer aims to create a “trustless Internet of blockchains.”
Meanwhile, Agglayer v0.3 is set to be fully functional by the week of June 30, 2025, with rapid interoperability expected to be completed by the end of Q3.
Under Nailwal’s leadership, the Foundation plans to reinvigorate projects like Polygon ZisK, led by Jordi Baylina, which will include airdrops for POL stakers. “With a healthy treasury and several hundred million dollars in cash, we are in an excellent position to continue building long-term, without distractions or pressure to raise funds,” he added.
The price of POL previously reached a high of $1.29 in March 2024.
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