After rising as much as 10% in intraday trade to $0.9516, the price of Polygon (MATIC) is currently seeing a massive surge. The psychologically significant $1 level is now being played about with by the Layer-2 scaling solution. If this level flips, the price will have reached its highest point since early May.
The price of Polygon (MATIC) is also indicative of Immutable (IMX), its most recent ally, which has co-led the cryptocurrency chart today with an 8% increase to $1.14. Their current collaboration to push the frontiers of game innovation is linked to the expansion of both L2 protocols.
Polygon was identified as a major participant in the Web3 game industry, as demonstrated in the Game7 report from the Game7 DAO team. Despite the fact that the majority of blockchain-based play-2-earn (P2E) games are constructed using Layer-1 protocols, Polygon has managed to break this pattern and, according to the research, already hosts more new Web3 games than BNB Chain and Ethereum Mainnet combined.
Furthermore, Immutable has surpassed platforms like Arbitrum to become the most well-known game environment. In recent years, there has been a greater buying momentum between both treatments due to the combination of these two milestones.
Polygon (MATIC) price the bigger beneficiary
The current increase in competition inside the L2 ecosystem, along with the gaming bump, is positioning the price of Polygon (MATIC) for more upward pressure in the foreseeable future.
Each L2 protocol has its own attractions, and although Polygon is competing in a number of ways, its supporters are profiting from and clinging to the notion that it has a greater edge. Demand for MATIC may increase over time if Polygon maintains its dominance in the gaming industry, perhaps creating a supply-demand mismatch that might raise pricing.
Another event to keep an eye out for in Polygon’s pricing regeneration is the upcoming upgrade from MATIC to POL.
