Polygon (POL) Ecosystem Token Price Soars as Co-Founder Sandeep Nailwal Becomes New CEO of Polygon Foundation

The Polygon ecosystem token, POL (formerly MATIC), has seen a notable price increase in the past 24 hours amid news co-founder Nailwal Sandeep is now the new chief executive officer of Polygon Foundation.

The price of Polygon’s native ecosystem token, POL (formerly MATIC), on June 11 saw a 6% uptick in the past 24 hours.

The ex-MATIC token reached a high of $0.24 as the daily trading volume rose 48% to over $185 million.

At the time of writing, POL’s price was up 6% and at around $0.23, according to data from CoinMarketCap.

Its market cap stood at around $2.45 billion.

Polygon (CRYPTO: MATIC) price chart (7/11/2025). Credit: CoinMarketCap

Polygon jumps with other altcoins

POL price surged amid overall gains for top altcoins and Bitcoin’s (CRYPTO: BTC) rally to $110k.

Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and XRP (CRYPTO: XRP) were among the top gainers, as was Stellar’s (CRYPTO: XLM) price.

However, more than the altcoin surge, the uptick in POL token’s price coincided with significant leadership changes at the Polygon Foundation.

Notably, Polygon co-founder Sandeep Nailwal announced on June 11 that he was assuming full control of Polygon Foundation as CEO.

The move comes a few weeks after co-founder Mihailo Bjelic became the third of four co-founders of Polygon to leave the project.

Important update from @sandeepnailwal 💪 https://t.co/tPPRSgbUuc— Polygon (@0xPolygon) June 11, 2025

Bjelic stepping down from the Polygon Foundation saw him join Jaynti Kanani and Anurag Arjun, who were the