Polygon’s MATIC Surges 27% On Carbon Neutrality News
June 24 2022 - 7:00AM
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According to CoinMarketCap, the Polygon (MATIC) value was increased
by nearly 27% to $0.55 within 24 hours after Polygon’s news of
being carbon neutral. However, the coin is still on an upward
trend, and as of the time of writing, it was trading at
$0.60. The price is still below what it was at the beginning
of the month when it was trading at $0.66, but considering the
market downturn, MATIC’s price gain is sending out a positive vibe.
It ranks as the 18th largest cryptocurrency worldwide. Related
Reading | Bitcoin May Have Hit Bottom According to These
Indicators, BTC Targets $23K? The value of Polygon (MATIC)
increased by roughly 50%% within seven days, as per CoinMarketCap
statistics. On the other hand, the leading cryptocurrencies, like
Bitcoin and Ethereum, saw a week’s decline. In addition, Having
peaked at $2.92 on December 27, 2021, Polygon has since plummeted
nearly 80%. Although it is still 50% higher than this month’s low
of 0.31 on June 18. MATIC was first created on top of the Ethereum
Network and is now enhanced with Plasma-based side-chains to
guarantee asset security. The main objective of MATIC Network,
which calls itself a blockchain-agnostic Layer-2 scaling solution,
is to enable scalable, quick, and safe blockchain
transactions. The Main Factor Driving Polygon’s Matic Value
Upward Mainly two catalysts appear to be the reason for Polygon’s
increasing value. Nevertheless, the most important one is Polygon’s
recent announcement that it has retired $400,000 worth of carbon
credits, turning the company carbon neutral. The value of its
native token has increased significantly as a result of its
achievement of carbon neutrality. Indian crypto exchange WazirX’s
Trade Desk also claims that: Polygon(MATIC), just lately achieved
carbon neutrality(a stability between emitting and absorbing
carbon). This has led to a surge in MATIC value in the previous
couple of days, leaping up by 30%. The hourly pattern for MATIC has
damaged out of the ascending triangle sample. The subsequent
resistance is predicted at $0.73 degree. Polygon stated in its blog
post that through their partnership with KlimaDAO, it became carbon
neutral and further explained that: In helping to implement the
first phase of Polygon’s long-term commitment to sustainability,
KlimaDAO, in partnership with Offsetra, analyzed the network’s
energy footprint to identify emissions hotspots and develop an
effective mitigation strategy. Then, utilizing the offset
aggregator feature of KlimaDAO, Polygon bought tokenized credits
valued at $400,000 from the on-chain carbon market. In addition,
Polygon collaborated with KlimaDAO to retire the carbon credits
created by particular projects on its blockchain. The Bull Run
Forest Conservation Project is one of those projects. Related
Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain
Elevated Furthermore, whale accumulation is the second factor that
drives MATIC’s price increase, according to Santiment on-chain
statistics. As stated in their tweet on June 22: $MATIC sharks and
whales have been in a pretty big accumulation trend for about six
weeks. The tiers of holders ranging from 10k to 10m coins held have
collectively added 8.7% more to their bags in this timespan.
Featured image from Flickr and chart from TradingView.com
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