Polygon, the Ethereum Layer 2 scaling solution, has seen its MATIC token increase by over 20% in the past day.
According to data from CoinMarketCap, MATIC is currently trading at less than $0.50, which is about 22% higher on the day and 25% higher on the week.
It is still below its price at the beginning of the month, however, when it was trading as high as $0.66. Like the broader crypto market, MATIC has also fallen significantly from its December 2021 high, when it recorded an all-time high of $2.92. Since then, its price has dropped by more than 83%.
whales and carbon offsetting
MATIC’s recent price increase comes on the back of several weeks of whale accumulation. As per on-chain data provider sentimentHolders with 10,000 to 10,000,000 MATICs have collectively added 8.7% more to their holdings over the past six weeks.
The price jump also comes in the wake of news that Polygon has partnered with on-chain carbon marketplace KlimaDAO to achieve carbon neutrality. In a blog post yesterday, Polygon revealed that it has retired $400,000 in carbon credits, claiming that they represent 104,794 tons of greenhouse gases for “the entirety of the network’s CO2 debt since inception”. .
In a statement accompanying the news, Polygon co-founder Sandeep Nelwal said that the blockchain industry must do much more than it promises to stop adding to the problem of the environmental crisis. “Reaching carbon neutrality is an important first step, but there is more work ahead,” he said.
The milestone follows an April 2022 announcement that the Polygon ecosystem aims to go carbon negative through the purchase of carbon credits and “funding projects that use technology to combat climate change.”
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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