Earlier today, Cryptocurrency Polygon announced that it had achieved carbon neutrality by partnering with the on-chain carbon market KlimaDAO. Polygon has received $400,000 in carbon credits, which are equivalent to 104,794 tons of greenhouse gases. Meanwhile, the price rally is likely triggered by whales’ increased accumulation of MATIC. The profit builder investors, who hold 10k – 10m MATIC, have piled on more MATIC coins.
Increase in Polygon (MATIC) accumulation by whales
The native cryptocurrency of Polygon (MATIC) has gained over 27% in the past 24 hours, thanks to increased accumulation by whales. Polygon, a carbon-neutral layer-2 scaling solution for Ethereum, has recently reached carbon neutrality, or the balance between emitting and absorbing carbon. Whales have also been accumulating MATIC for over six weeks, as their cumulative accumulation has increased by 8.7%.
According to recent data, the number of MATIC addresses with a minimum of 10,000 coins has increased by 8.7% in the past week, meaning the MATIC price is likely to continue rising. This increase in accumulation is being driven by an increasing number of large investors and may be a factor in the rise in the price of MATIC.
After a month of rejection from $0.74 levels, MATIC prices have hovered within a narrow range. However, after a round of whale accumulation, MATIC may bounce and move higher, with an upswing following. While this could be a catalyst for the price, an increase in accumulation by whales by more than 20% would be detrimental. Although this scenario is highly unlikely, the MATIC price is poised to rally by over 27% in the next 24 hours.
A recent announcement by Cryptocurrency Polygon confirms the company’s commitment to becoming carbon-neutral. Polygon has pledged to spend $20 million to support climate change initiatives and establish a climate offset vertically. It has also commissioned a secondary audit of its carbon footprint through the Cryptocarbon Ratings Institute, an on-chain platform. Polygon will buy $400,000 worth of carbon credits to achieve its carbon-neutral status.
A popular Ethereum layer-2 scaling solution, Polygon (MATIC), recently achieved carbon neutrality. Carbon-neutrality is achieved by a balance between the emission of carbon and its absorption. With this announcement, Polygon shares increased by more than 27% in the past 24 hours, reaching a new 10-day high.
This is the largest gainer of all top 100 crypts by market cap. It has also become a favourite among whales, with average gains of 8.7% for whales holding 10k-10m MATIC. The Carbon-Neutral Status of Polygon Could Inspire Other Cryptocurrency Projects to Follow
Increase in Polygon (MATIC) trading volume
The increasing demand for MATIC expects to help the network reach new highs. The market sentiment toward IntoTheBlock remains bullish. MATIC’s exchange inflow volume has increased over the past month.
However, the MATIC token’s volume has also decreased, dropping from 2.2 billion to 1.2 billion in less than one week. Therefore, there is a need for caution before investing in MATIC. Keep an eye on the price and trading volume of MATIC to determine if this is a good time to purchase the stock.
Polygon has capped the supply of MATIC tokens at 10 billion. The total supply will be reached by December 2022, after which they will create no more tokens. This means that the MATIC price will likely rise as more dApps migrate to Polygon.
Furthermore, the exchange is working with MakerDAO and Circle to add DAI and USDC to its marketplace. Also, the US banks have given the green light to use stablecoins in their transactions. Consequently, the increase in MATIC trading volume may be due to these partnerships.
The price forecast of MATIC is extremely optimistic for the next nine years. If the coin manages to overcome the psychological resistance around 2029, MATIC can reach a new high in the cryptocurrency market. If you want to gain maximum profits then trade in cryptocurrency with bitcoin trading software. Analysts and traders believe that MATIC will reach a new all-time high by 2022. However, no one can guarantee the MATIC price’s future performance as too many variables can influence the MATIC value.