While crypto market investors are paying all attention to Bitcoin, Polygon’s native crypto MATIC is making silent moves. In the last 24 hours, the MATIC price has jumped more than 20%.
As of press time, MATIC is trading 21% up at a price of $0.48 with a market cap of $3.9 billion. The recent MATIC price surge comes on the backdrop of a substantial whale accumulation over the last six weeks. On-chain data provider Santiment reports:
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.
Polygon Attains Carbon Neutrality Milestone
Another major reason behind the bullish price action for MATIC could be that its blockchain network Polygon has attained a major carbon neutrality milestone. Earlier this week, Polygon announced that it had partnered with KlimaDAO as part of its environmental initiative.
The company announced that it has purchased carbon credits worth $400,000, representing 104,794 tonnes of greenhouse gasses. This is also equal to the Polygon network’s entire carbon debt since its inception in 2019. Commenting on the development, Polygon co-founder Sandeep Nainwal said:
