Over the past seven days, Polygon (MATIC) has experienced significant gains and it comes as a relief to Polygon traders and investors after a prolonged crypto market meltdown.
At the time of writing, MATIC was trading at $0.5116, up 23.65% over the past 24 hours. It has hit a daily high of $0.5145.
Although MATIC is still down by 82.67% from its all-time high of $2.92 that it had set last year on December 27, its trading volume has gained a whopping 114.45% to sit at $937.9 million in the last 24 hours.
But why is MATIC outpacing other cryptocurrencies in the bearish market? let’s dive into some of the reasons behind the MATIC price surge.
Carbon neutrality achievement
One of the main reasons for the rally is the achievement of Carbon neutrality after its recent partnership with KlimaDAO, an on-chain carbon market to achieve it. During their announcement yesterday, Polygon said that it has received $400,000 worth of carbon credits which is equivalent to 104,794 tons of greenhouse gases.
In an official blog post, the blockchain company 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.”
Polygon co-founder Sandeep Nailwal also said:
“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 reason for the MATIC price surge is the increase in MATIC accumulation by whales.
According to a tweet posted today by Santiment, Wallets with between 10k and 10 million MATIC coins have purchased more MATIC coins, this has been happening since early May this year.
🦈🐳 $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. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn
— Santiment (@santimentfeed) June 22, 2022