Polygon’s MATIC Up 20% Amid Whale Accumulation, Carbon Neutrality Push

Polygon, the Ethereum layer 2 scaling answer, has seen its MATIC token rise by over 20% previously day.

MATIC is at the moment buying and selling at just below $0.50, up round 22% on the day and 25% on the week, in keeping with knowledge from CoinMarketCap.

That is nonetheless down from its value at first of the month, nevertheless, when it traded at $0.66. Like the broader crypto market, MATIC has additionally dropped considerably from the highs of December 2021, when it recorded an all-time excessive of $2.92. Since then, its value has fallen by over 83%.

Whales and carbon offsetting

MATIC’s current value surge comes on the again of a number of weeks of whale accumulation. In accordance with on-chain knowledge supplier Santiment, holders with between 10,000 and 10,000,000 MATIC have collectively added 8.7% extra to their holdings over the previous six weeks.

The worth bump additionally comes within the wake of stories that Polygon has partnered with on-chain carbon market KlimaDAO in a bid to realize carbon neutrality. In a blog post yesterday, Polygon revealed that it has retired $400,000 in carbon credit, claiming that the 104,794 tonnes of greenhouse gases they symbolize quantities to “the whole lot of the community’s CO2 debt since inception.”

In an announcement accompanying the information, Polygon co-founder Sandeep Nailwal mentioned that the blockchain trade “should do excess of promise to cease including to the issue,” of the environmental disaster. “Reaching carbon neutrality is a vital first step, however there’s extra work forward,” he added.

The milestone follows an April 2022 announcement that the Polygon ecosystem aimed to go carbon destructive by means of buying carbon credit and “funding tasks that make the most of expertise to fight local weather change.”

Need to be a crypto skilled? Get the perfect of Decrypt straight to your inbox.

Get the largest crypto information tales + weekly roundups and extra!