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%.
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.
🦈🐳 $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. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn
— Santiment (@santimentfeed) June 22, 2022
The recent price hike comes after news that Polygon has partnered with KlimaDAO, an on-chain carbon market designed to achieve environmental sustainability.
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.”