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The Polygon (MATIC) price is on a rampage today after climbing as high as 10% in intraday trading to $0.9516. The Layer-2 scaling solution is now toying with the psychologically important level at $1, a level which, if it flips, will mark its highest price level since early May.
The Polygon (MATIC) price is also representative of its latest ally, Immutable (IMX), which has co-led the altcoin chart today with its 8% surge to $1.14. The growth of both L2 protocols is connected to their recent partnership as they seek to expand the boundaries of gaming innovation.
As showcased in the Game7 report from the Game7 DAO team, Polygon was labeled as a key player in the Web3 gaming world. Even though most blockchain-based play-2-earn (P2E) games are built on Layer-1 protocols, Polygon has been able to break this cycle and, per the report, it hosts most of the new Web3 games, surpassing BNB Chain and Ethereum Mainnet.
Additionally, Immutable now ranks as the most popular gaming ecosystem, surpassing the likes of Arbitrum. The fusion of these two milestones has pushed increased buying momentum between these protocols in recent times.
Polygon (MATIC) price the bigger beneficiary
With the L2 ecosystem seeing increased competition in recent times, the gaming boost is setting the Polygon (MATIC) price up for more upsurge in the near term.
Every L2 protocol has its charms, and while Polygon is competing in more than one way, its bulls are capitalizing on and hanging onto the idea that it has the bigger advantage. If Polygon continues to dominate the gaming arena, the demand for MATIC may rise over time, stirring a potential demand-supply imbalance that can drive prices higher.
The impending upgrade of MATIC to POL is also an event to watch out for in Polygon’s price rejuvenation.