Polygon’s MATIC Jumps Over 20% Amid Strong Whale Accumulation

While crypto market investors are paying all their attention to Bitcoin, Polygon’s native crypto MATIC is making quiet moves. In the last 24 hours, MATIC price has increased by more than 20%.

At the time of writing, MATIC is trading 21% higher at a price of $0.48 with a market cap of $3.9 billion. The recent surge in the MATIC price comes against the background of a significant accumulation of whales over the past six weeks. On-chain data provider Saniment reports:

MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks now. The rows of holders, ranging from 10k to 10 million coins, collectively added 8.7% more to their bags during this period.

Courtesy: Saniment

Polygon reaches carbon neutrality milestone

Another key reason behind the rising price action for MATIC could be that its blockchain network Polygon has reached a major carbon neutrality milestone. Earlier this week, Polygon announced it was partnering with KlimaDAO as part of its environmental initiative.

The company announced that it has purchased carbon credits worth $400,000, which represents 104,794 tons of greenhouse gases. This also equals the entire carbon debt of the Polygon network since its inception in 2019. Commenting on the development, Sandeep Nainwal, Polygon co-founder said:

Our world is facing an environmental crisis and the blockchain industry needs to do much more than promise to stop adding to the problem. Achieving carbon neutrality is an important first step, but there is still more work to be done. Polygon will lead the way as the entire industry moves towards becoming a net positive for the environment.

Polygon Unveils Polygon ID Integration

On Wednesday, June 22, Polygon announced the launch of Polygon ID integration. Powered by ZK Cryptography, Polygon ID is a self-sovereign identity solution that offers huge potential for DAO governance.

With Polygon ID, users are given the control to disclose selective identity information. In addition, Polygon ID also facilitates “the possibility of fully private & verifiable reputation building”.

Bhushan is a FinTech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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