Polygon’s Native Crypto Surges 25% on Carbon Neutrality Initiative

Kelly Cromley

2 years ago

Over the course of the last day, the value of Polygon’s MATIC token, which is used for Ethereum layer 2 scaling, has increased by more than 20 percent. According to the data provided by CoinMarketCap, MATIC is selling at about $0.51090. This is an increase of almost 25.50 percent on the day and 25 percent on the week.

However, this is a decrease from its price of $0.66 per share at the beginning of the month, so this is still a negative number. After reaching an all-time high of $2.92 in December 2021, the price of MATIC, along with the rest of the cryptocurrency market, has significantly decreased from that time period’s peaks. Over 83 percent of its previous value has been shaved off since then.

The latest price increase in MATIC may be attributed to the buildup of whales over a period of many weeks. The on-chain data provider Santiment reports that individuals who have between 10,000 and 10,000,000 MATIC have collectively increased their holdings by 8.7 percent over the previous six weeks.

“The increase in pricing follows news that Polygon has formed a partnership with the on-chain carbon market KlimaDAO in an effort to become carbon neutral. This was one of the factors that led to the price increase. Polygon disclosed the retirement of $400,000 in carbon credits in a blog post that was published yesterday. The company claims that the 104,794 tonnes of greenhouse emissions that the credits represent corresponds to “the totality of the network’s CO2 debt since the birth of the network.”

🦈🐳 $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

Sandeep Nailwal, co-founder of Polygon, said in a statement that accompanied the revelation that the blockchain business “must do much more than vow to cease contributing to the issue” of the environmental catastrophe. He continued by saying, “Achieving carbon neutrality is a significant first step, but there is more work ahead.”

Following a statement made in April 2022 that the Polygon ecosystem intended to become carbon negative via the purchase of carbon credits and “supporting programs that leverage technology to tackle climate change,” this significant milestone was reached.