According to CoinMarketCap, the Polygon (MATIC) value was increased by nearly 27% to $0.55 within 24 hours after Polygon\u2019s 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.\u00a0<\/p>\n
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\u2019s price gain is sending out a positive vibe. It ranks as the 18th largest cryptocurrency worldwide.<\/p>\n
Related Reading |\u00a0Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?<\/p>\n
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\u2019s 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\u2019s low of 0.31 on June 18.<\/p>\n
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.\u00a0<\/p>\n
MATIC is currently trading at around $0.6 on the hourly chart | Source: MATIC\/USD price chart from Tradingview.com
\nThe Main Factor Driving Polygon\u2019s Matic Value Upward<\/p>\n
Mainly two catalysts appear to be the reason for Polygon\u2019s increasing value. Nevertheless, the most important one is Polygon\u2019s recent announcement that it has retired $400,000 worth of carbon credits, turning the company carbon neutral.<\/p>\n
The value of its native token has increased significantly as a result of its achievement of carbon neutrality. Indian crypto exchange WazirX\u2019s Trade Desk also claims that:<\/p>\n
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.<\/p>\n
Polygon stated in its blog post that through their partnership with KlimaDAO, it became carbon neutral and further explained that:<\/p>\n
In helping to implement the first phase of Polygon\u2019s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network\u2019s energy footprint to identify emissions hotspots and develop an effective mitigation strategy.<\/p>\n
Then, utilizing the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market.<\/p>\n
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.<\/p>\n
\u00a0Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated<\/p>\n
Furthermore, whale accumulation is the second factor that drives MATIC\u2019s price increase, according to Santiment on-chain statistics.<\/p>\n
As stated in their tweet on June 22:<\/p>\n
$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.<\/p>\n
Featured image from Flickr and chart from TradingView.com<\/p>\n
\u00a0<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
According to CoinMarketCap, the Polygon (MATIC) value was increased by nearly 27% to $0.55 within 24 hours after Polygon\u2019s 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.\u00a0<\/p>\n
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\u2019s price gain is sending out a positive vibe. It ranks as the 18th largest cryptocurrency worldwide.<\/p>\n
Related Reading |\u00a0Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?<\/p>\n
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\u2019s 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\u2019s low of 0.31 on June 18.<\/p>\n
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.\u00a0<\/p>\n
MATIC is currently trading at around $0.6 on the hourly chart | Source: MATIC\/USD price chart from Tradingview.com
\nThe Main Factor Driving Polygon\u2019s Matic Value Upward<\/p>\n
Mainly two catalysts appear to be the reason for Polygon\u2019s increasing value. Nevertheless, the most important one is Polygon\u2019s recent announcement that it has retired $400,000 worth of carbon credits, turning the company carbon neutral.<\/p>\n
The value of its native token has increased significantly as a result of its achievement of carbon neutrality. Indian crypto exchange WazirX\u2019s Trade Desk also claims that:<\/p>\n
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.<\/p>\n
Polygon stated in its blog post that through their partnership with KlimaDAO, it became carbon neutral and further explained that:<\/p>\n
In helping to implement the first phase of Polygon\u2019s long-term commitment to sustainability, KlimaDAO, in partnership with Offsetra, analyzed the network\u2019s energy footprint to identify emissions hotspots and develop an effective mitigation strategy.<\/p>\n
Then, utilizing the offset aggregator feature of KlimaDAO, Polygon bought tokenized credits valued at $400,000 from the on-chain carbon market.<\/p>\n
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.<\/p>\n
\u00a0Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated<\/p>\n
Furthermore, whale accumulation is the second factor that drives MATIC\u2019s price increase, according to Santiment on-chain statistics.<\/p>\n
As stated in their tweet on June 22:<\/p>\n
$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.<\/p>\n
Featured image from Flickr and chart from TradingView.com<\/p>\n
\u00a0<\/p>\n
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