POL price surges as Sandeep Nailwal assumes Polygon Foundation CEO role

• Polygon token POL (formerly MATIC) price rose to highs of $0.24 on Wednesday.
• Gains came as Polygon co-founder Nailwal Sandeep announced he had taken control as the new Polygon Foundation CEO.
• Overall crypto bounce also helped POL price higher.

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.

Per data from CoinMarketCap, the price of POL was up 6% and at around $0.23 at the time of writing on June 11, 2025.

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

POL’s market cap stood at around $2.45 billion.

Polygon jumps with other altcoins

POL price jumped amid overall gains for top altcoins and Bitcoin’s rally to $110k.

Ethereum, Solana, and XRP were among the top gainers, as was Stellar’s 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