Polygon’s MATIC soars 27% on carbon neutrality news

according to Coin market value, Polygon (MATIC) jumped nearly 27% in value to $0.55 in the 24 hours following Polygon’s carbon neutral announcement. However, the coin is still in an uptrend and is trading at $0.60 as of this writing.

The price is still lower than when it was trading at $0.66 at the beginning of the month, but considering the market downturn, MATIC’s price increase is exuding a positive vibe. It is the 18th largest cryptocurrency in the world.

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According to CoinMarketCap statistics, the value of Polygon (MATIC) has risen by around 50% in seven days. On the other hand, leading cryptocurrencies, such as Bitcoin and Ethereum, fell for the week. Additionally, Polygon has since peaked at $2.92 on December 27, 2021, and has since plunged nearly 80%. Although still 50% above this month’s low of 0.31 on June 18.

Originally created on top of the Ethereum network, MATIC is now enhanced with Plasma-based sidechains to keep assets safe. MATIC Network bills itself as a blockchain-agnostic Layer 2 scaling solution with the primary goal of enabling scalable, fast and secure blockchain transactions.

MATIC is currently trading around $0.6 on the hourly chart | Source: MATIC/USD price chart via Tradingview.com

The main factors driving the rise in polygon math values

There are two main catalysts that appear to be responsible for Polygon’s increased value.Nonetheless, the most important thing is that Polygon’s recent announcement It has recovered $400,000 worth of carbon credits, making the company carbon neutral.

The value of its native token has increased significantly due to being carbon neutral. The Trade Desk of Indian cryptocurrency exchange WazirX also claims:

Polygon (MATIC), which has only recently achieved carbon neutrality (stability between emission and absorption of carbon). This caused the MATIC value to soar in the previous few days, jumping 30%. MATIC’s hourly pattern has been damaged from the ascending triangle samples. Subsequent resistance is expected at $0.73.

In its blog post, Polygon stated that through its partnership with KlimaDAO, it has achieved carbon neutrality, further explaining:

In the first phase of helping implement Polygon’s long-term commitment to sustainability, KlimaDAO partnered with Offsetra to analyze the network’s energy footprint to identify emissions hotspots and develop effective mitigation strategies.

Then, using KlimaDAO’s offset aggregator feature, Polygon purchased $400,000 worth of tokenized credits from the on-chain carbon market.

Additionally, Polygon has partnered with KlimaDAO to phase out carbon credits created by specific projects on its blockchain. The Bull Run Forest Conservation Project is one of them.

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Furthermore, according to Santiment on-chain statistics, whale accumulation is the second factor driving the price of MATIC.

as they are tweet June 22:

The $MATIC shark and whale accumulation trend has been going on for about six weeks. During this time, the tier of holders holding 10k to 10 million coins increased by a total of 8.7%.

                  Featured image from Flickr and chart from TradingView.com

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