What Happened: Polygon (MATIC) has soared 69.63% over a seven-day trailing period leading up to press time. On a 24-hour trailing basis, MATIC traded 1.99% higher at $1.65.

Contrast this to BTC, which has fallen 22.82% in a seven-day period, and ETH which has declined 11.29%.

At press time, on a 24-hour trailing basis, BTC was down 4.48% to $45,398.65, while ETH traded lower by 9.2% at $3,440.47.

Why It Matters: The network powering MATIC hopes to resolve issues affecting Ethereum such as high “gas” fees needed for transactions and confirmations, as per the project’s website.

Recently, a number of Dogecoin (DOGE) lookalikes have emerged, which are further ratcheting up ETH network fees as they occupy block space on the latter's chain, MarketWatch reported. DOGE traded 7.35% lower at $0.49 at press time.

See Also: How to Buy Dogecoin (DOGE)
The coins allegedly congesting the Ethereum network include SHIBA INU (SHIB), Dogelon Mars (ELON), and Kishu Inu (KISHU), as per The Block’s Director of Research Larry Cermak.

Coins that complement or compete with Ethereum have seen increased interest recently. Others that have risen include AAVE (AAVE) and Cardano (ADA) both up 25.21% and 11.72% on a seven-day period.

Read Next: Elon Musk Considers Idea Of Creating New Crypto If Dogecoin Can't Scale