{"id":12924,"date":"2022-06-24T07:40:03","date_gmt":"2022-06-24T07:40:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/polygon-price-surges\/"},"modified":"2022-06-24T07:40:03","modified_gmt":"2022-06-24T07:40:03","slug":"polygon-price-surges","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/polygon-price-surges\/","title":{"rendered":"Polygon price surges"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
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Over the past seven days, Polygon (MATIC) has experienced significant gains and it comes as a relief to Polygon traders and investors after a prolonged crypto market meltdown.<\/p>\n

At the time of writing, MATIC was trading at $0.5116, up 23.65% over the past 24 hours. It has hit a daily high of $0.5145.<\/p>\n

Although MATIC is still down by 82.67% from its all-time high of $2.92 that it had set last year on December 27, its trading volume has gained a whopping 114.45% to sit at $937.9 million in the last 24 hours.<\/p>\n

But why is MATIC outpacing other cryptocurrencies in the bearish market? let\u2019s dive into some of the reasons behind the MATIC price surge.<\/p>\n

Carbon neutrality achievement<\/h2>\n

One of the main reasons for the rally is the achievement of Carbon neutrality after its recent partnership with KlimaDAO, an on-chain carbon market to achieve it. During their announcement yesterday, Polygon said that it has received $400,000 worth of carbon credits which is equivalent to 104,794 tons of greenhouse gases.<\/p>\n

In an official blog post, the blockchain company said:<\/p>\n

\u201cPolygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network\u2019s CO2 debt since inception.\u201d<\/em><\/p>\n

Polygon co-founder Sandeep Nailwal also said:<\/p>\n

\u201cReaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.\u201d\u00a0<\/em><\/p>\n

Whales\u2019 accumulation of MATIC holdings<\/h2>\n

Another reason for the MATIC price surge is the increase in MATIC accumulation by whales.<\/p>\n

According to a tweet posted today by Santiment, Wallets with between 10k and 10 million MATIC coins have purchased more MATIC coins, this has been happening since early May this year.<\/p>\n

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\ud83e\udd88\ud83d\udc33 $MATIC<\/a> 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. \ud83d\udcc8 https:\/\/t.co\/oasCn72rxt<\/a> pic.twitter.com\/lm4au2fWkn<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) June 22, 2022<\/a><\/p>\n<\/blockquote><\/div>\n