Polygon’s MATIC Jumps Over 20% Amid Strong Whale Accumulation

Bhushan Akolkar
June 23, 2022
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Matic

While crypto market investors are paying all attention to Bitcoin, Polygon’s native crypto MATIC is making silent moves. In the last 24 hours, the MATIC price has jumped more than 20%.

As of press time, MATIC is trading 21% up at a price of $0.48 with a market cap of $3.9 billion. The recent MATIC price surge comes on the backdrop of a substantial whale accumulation over the last six weeks. On-chain data provider Santiment reports:

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.

Courtesy: Santiment

Polygon Attains Carbon Neutrality Milestone

Another major reason behind the bullish price action for MATIC could be that its blockchain network Polygon has attained a major carbon neutrality milestone. Earlier this week, Polygon announced that it had partnered with KlimaDAO as part of its environmental initiative.

The company announced that it has purchased carbon credits worth $400,000, representing 104,794 tonnes of greenhouse gasses. This is also equal to the Polygon network’s entire carbon debt since its inception in 2019. Commenting on the development, Polygon co-founder Sandeep Nainwal said:

Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem. Reaching 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.

Polygon Unveils Polygon ID Integration

On Wednesday, June 22, Polygon announced the launch of Polygon ID integration. Powered by ZK Cryptography, Polygon ID is a self-sovereign identity solution offering a huge potential for DAO governance.

With Polygon ID, users get the control to disclose selective identity information. Besides, Polygon ID also facilitates “the possibility for fully-private & verifiable reputation building”.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.