Polygon (MATIC), which has seen significant gains over the past seven days, is a relief for investors and traders after a long crypto market meltdown.
MATIC traded at $0.5116 at the time of writing. That’s an increase of 23.65% over 24 hours. It reached a new daily high of $0.5145.
MATIC is still below its December 27 high of $2.92, which it set last year, by 82.67%. However, its trading volume has increased by a staggering 114.45% to $937.9million within the last 24 hours.
Why is MATIC more popular than other cryptocurrencies on the bearish markets? let’s dive into some of the reasons behind the MATIC price surge.
Achievement of carbon neutrality
The rally was fueled by the recent partnership with KlimaDAO which created an on-chain carbon market that enables Carbon neutrality. Polygon revealed yesterday that it had received $400,000 worth carbon credits, equivalent to 104.794 tons of greenhouse gasses.
According to a blog post by the company, blockchain said:
“Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.”
Sandeep Nailwal, co-founder of Polygon, also stated:
“Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.”
Whales’ accumulation of MATIC holdings
Another factor contributing to the MATIC price increase is the MATIC accumulation by whales.
Santiment posted a tweet today stating that wallets with between 10k-10,000,000 MATIC coins have been buying more MATIC Coins, and this has been occurring since May.
🦈🐳 $MATICFor the past six weeks, sharks and whales have been accumulating a lot of coins. In this time span, holders with tiers from 10k to ten million coins have added 8.7% to their wallets. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn
— Santiment (@santimentfeed) June 22, 2022