Although most crypto traders are focusing on bitcoin, Polygon’s native currency MATIC is generating quiet profits. MATIC price is up more than 20% in the last 24 hours.
At the time of writing, MATIC was trading at $0.60, up 21% with a market valuation of $3.9 billion. The current MATIC price increase coincides with a significant whale buildup over the past six weeks.
On-chain data supplier Sentient claims that MATIC sharks and whales have all been accumulating in large numbers for about six weeks. The analytics firm also said that owners of 10k to 10m currencies added 8.7% more currencies to their wallets during this period.
Polygon achieves carbon similarity milestone
Another big factor for MATIC’s bullish price action appears to be that blockchain network Polygon has reached a critical carbon parity benchmark. It was mentioned earlier this week that it has tied up with ClimaDao as part of its sustainability strategy.
The firm recently acquired $400,000 in carbon credits, the equivalent of 104,794 tons of greenhouse gases. In addition, this is Polygon Network’s total carbon debt since its launch in 2019. Sandeep Nainwal, 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 more than commit to avoid harming it.
He added that although achieving carbon neutrality is an important first step, there is much more progress to be made. Polygon will pave the way for positive development for the world for the whole region.
Polygon receives new Polygon ID integration
Polygon released a new version of Polygon ID integration on Wednesday, June 22. Polygon ID, backed by ZK cryptography, is an auto-identification solution with great opportunities for DAO management.
Polygon ID gives users the ability to reveal unique identification details. In addition, Polygon ID enables “the possibility of building a fully private and verifiable identity”.