The increase in MATIC price is owed to huge whale accumulation and the attainment of the carbon neutrality milestone by Polygon.
Polygon (MATIC) is making quiet moves while every focus is on Bitcoin. The MATIC price has increased by more than 20% in the last 24 hours.
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:
“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.”
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:
“Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem. 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.”
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.”
