According to CoinMarketCap, the value of Polygon (MATIC) increased nearly 27% to $0.55 within 24 hours of Polygon’s announcement that the company had become carbon neutral. However, the coin is still in an uptrend and was trading at $0.60 at the time of writing.
The price is still lower than at the beginning of the month when it was trading at $0.66, but given the market downturn, the price increase of MATIC is encouraging. It ranks 18th among the largest cryptocurrencies in the world.
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According to CoinMarketCap statistics, Polygon (MATIC) price has increased by about 50%% in seven days. On the other hand, leading cryptocurrencies such as Bitcoin and Ethereum have shown weekly declines. In addition, having peaked at $2.92 on December 27, 2021, Polygon shares have since dropped nearly 80%. Although it is still 50% above this month’s low of 0.31 on June 18th.
MATIC was first built on top of the Ethereum network and is now augmented with Plasma-based sidechains to ensure asset security. The main goal of MATIC Network, which calls itself a blockchain-agnostic layer 2 scaling solution, is to enable scalable, fast, and secure blockchain transactions.
The main factor that increases the cost of the Matic landfill
Basically, two catalysts seem to be the reason for the increase in the cost of the Landfill. However, the most important of these is the recent ad that it waived $400,000 in carbon credits, making the company carbon neutral.
The value of the native token has increased significantly as a result of achieving carbon neutrality. The Trade Desk of Indian crypto exchange WazirX also claims that:
Polygon (MATIC), has recently achieved carbon neutrality (stability between emission and absorption of carbon). This led to a surge in the value of MATIC over the previous couple of days, jumping by 30%. The hourly MATIC pattern has exited the ascending triangle pattern. Subsequent resistance is forecast at 0.73 degrees.
Polygon stated in a blog post that its partnership with KlimaDAO made it carbon neutral and further explained that:
Helping to realize the first phase of Polygon’s long-term commitment to sustainability, KlimaDAO partnered with Offsetra to analyze the grid’s energy footprint to identify release points and develop an effective mitigation strategy.
Then, using the KlimaDAO offset aggregator feature, Polygon bought $400,000 worth of tokenized credits from the on-chain carbon market.
In addition, Polygon has partnered with KlimaDAO to cancel the carbon credits created by specific projects on its blockchain. The Bull Run Forest Conservation Project is one such project.
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In addition, according to on-chain statistics from Santiment, the accumulation of whales is the second factor that drives the price increase for MATIC.
As stated in their tweet 22nd of June:
$MATIC sharks and whales have been in a fairly large accumulation trend for about six weeks. Holder levels between 10 and 10 million coins combined added 8.7% more to their bags over that time span.
Featured image from Flickr and chart from TradingView.com
Credit : www.newsbtc.com