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MATIC Gets Bullish Boost on Polygon Carbon Neutrality News

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In a dramatic increase over the past day, Polygon’s MATIC token has seen its value rise by more than 20%.

MATIC is on a tear, gaining nearly 25% in the last week alone. It’s currently trading at $0.5055 with a gain of 23.85%, according to data from CoinMarketCap

That’s still far from its price at the start of the month when it traded at highs of $0.66. The matí coin has experienced a dramatic fall from its high of $2.92 in December 2021, when it traded at $2.92. Since then, its price has fallen by over 83%.

Polygon Price Chart

Polygon Price Chart | Source: Coinmarketcap 

Whales And Carbon Offsetting

The price surge came as a result of whale activities. MATIC has seen an accumulation of whale activity in recent weeks, with 8.7% more added by those who own between 10,000 and 10,000,000 MATIC MATI over the past six days alone.

The recent price hike comes after news that Polygon has partnered with KlimaDAO, an on-chain carbon market designed to achieve environmental sustainability.

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The creators of Polygon announced in a blog post yesterday that they have retired $400,000 worth of carbon credits after claiming their 104,794 tonnes of greenhouse gases represents “the entirety” network’s CO2 debt since inception.

Polygon co-founder Sandeep Nailwal further explained that the blockchain industry has a responsibility to address the environmental crisis, and it should do far more than just promise not be additions.

“Reaching carbon neutrality is an important first step, but there is more work ahead,” he added.

The milestone follows an April 2022 announcement that the Polygon ecosystem aimed to go carbon negative through purchasing carbon credits and “funding projects that utilize technology to combat climate change.”

Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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