MATIC, Polygon’s native token has seen its price rise by over 20% in the past day. But it’s still down from the highs of $0.66. Owing to the crash in the overall cryptocurrency market, MATIC dipped substantially.
At the time of writing this writing, Polygon MATIC was trading at $0.50. It has gained 24.06% in the last 24 hours. The token is up by nearly 30% in the past week. MATIC has more mountains to climb to reach the all-time high of $2.92 – recorded in December 2021. It should be noted that Polygon’s token has fallen by over 83%.
MATIC is making slight gains. Its recent price surge comes on the back of several weeks of whale accumulation. Holders with between 10,000 and 10,000,000 MATIC, as per data from Santiment, collectively added 8.7% more to their holdings over the past six weeks.
The price jump comes amid Polygon’s collaboration with on-chain carbon market KlimaDAO in an effort to achieve carbon neutrality. Polygon, in a blog post, said it has retired $400,000 in carbon credits. It highlighted that the 104,794 tonnes of greenhouse gases they represent amount to the entirety of the network’s CO2 debt since inception.
Sandeep Nailwal, the Polygon co-founder, believes the blockchain industry must do far more than promise to stop adding to the problem of environmental crisis. He said reaching carbon neutrality is an important first step but more work needs to be done. Polygon had announced in April that it aims to go carbon negative through purchasing carbon credits and funding projects that use technology to combat climate change.