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Top Reason Why Polygon (MATIC) Price is Surging High Amid Crypto Bear Market

5 d ago2 min readOther
Top Reason Why Polygon (MATIC) Price is Surging High Amid Crypto Bear Market

Although most crypto traders are focused on Bitcoin, Polygon’s native currency MATIC is generating quiet gains. The MATIC price has increased by more than 20% in the previous 24 hours.

At the time of writing, MATIC was trading 21% higher at $0.60, with a market valuation of $3.9 billion. The current MATIC price increase coincides with a significant whale buildup over the previous six weeks.

Santiment, an on-chain data supplier, claims MATIC sharks and whales have all been accumulating in large numbers for nearly six weeks. The analytics firm also quotes that owners of 10k to 10m currencies have together added 8.7% more currencies to their wallets throughout this time period.

Polygon Gains Carbon Equality Milestone

Another big factor for MATIC’s optimistic price behavior seems to be that the blockchain network Polygon has reached a significant carbon equality benchmark. Polygon mentioned previously this week that it has joined with KlimaDAO as part of its sustainability strategy.

The firm recently acquired $400,000 in carbon credits, equivalent to 104,794 tonnes of greenhouse gasses. Also, this is the total carbon debt owed by the Polygon network from its launch in 2019. Sandeep Nainwal, the co-founder of Polygon, commented on the news that Our planet is in the midst of an environmental disaster, and the blockchain industry should do much more than commit to avoid damaging it.

He further adds that though achieving carbon neutrality is a critical first step, still there is much additional progress to be made. Polygon will pave the path for the entire sector to become a positive development for the world.

Polygon Gets New Polygon ID Integration

Polygon released a new version of Polygon ID integration on Wednesday, June 22. Polygon ID, which is backed by ZK Cryptography, is an auto-identification solution with great opportunities for DAO management.

Polygon ID gives users the ability to reveal specific identifying details. Furthermore, Polygon ID enables “the prospect of a complete private & verified identity creation.”

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