Krutika Adani
Polygon has finally crashed down below $0.5, its lowest level in the last two years.
The token price has crashed despite innovations like the POL token migration, zkEVM and many others.
Though it may seem to be unrelated, the fall in ETH might have had a spillover effect on L2 chains like Polygon, causing its tokens to crash.
Polygon has recently initiated a migration to a new POL token, which will be its new native token. Previously, it used to be MATIC.
As the ratio of conversion between POL and MATIC will be 1:1, we do not expect any fundamental shift in price. Technically, POL(MATIC) might not recover above $1 unless Ethereum sees a pullback rally above $5k.