The increase in MATIC price is owed to huge whale accumulation and the attainment of the carbon neutrality milestone by Polygon.
As of press time, MATIC was trading 21% higher at $0.48, with a market valuation of $3.9 billion. The recent MATIC price increase coincides with a significant whale accumulation over the last six weeks. Santiment, an on-chain data supplier, reports:
Another big factor for MATIC’s optimistic price behavior could be that its blockchain network Polygon has reached a significant carbon neutrality milestone. Polygon stated earlier this week that it had joined with KlimaDAO as part of its sustainability strategy.
The corporation announced the acquisition of $400,000 in carbon credits, equivalent to 104,794 tonnes of greenhouse gases. This is also the total carbon debt owed by the Polygon network from its launch in 2019. Sandeep Nainwal, the co-founder of Polygon, commented on the news:
Polygon Launches Polygon ID Integration
Polygon announced the introduction of Polygon ID integration on Wednesday, June 22. Polygon ID, which is powered by ZK Cryptography, is a self-sovereign identification solution with enormous potential for DAO governance.
Polygon ID gives users the ability to reveal specific identifying details. Furthermore, Polygon ID enables “the prospect of fully-private & verifiable reputation creation.”