Cryptocurrency News Price Analysis

MATIC Explodes Upside as Polygon Attains Carbon Neutrality

John Jeffries

Briefly –

  • Polygon has attained carbon neutrality after retiring carbon credits worth $400,000.
  • Polygon’s collaboration with KlimaDAO helped the ETH scaling solution retire all carbon debt since its 2019 inception.
  • Experts trust MATIC’s price might extend upside, pushing towards the $0.63 mark.

MATIC-KlimaDAO partnership saw Polygon buying carbon credits, which represented greenhouse gasses amounting to 104,794 tonnes. That equaled MATIC’s debt since its launch in 2019. Carbon neutrality triggered bullish sentiments among investors, pushing the asset’s price higher.

MATIC Achieves Carbon Neutrality Following KlimaDAO Partnership

The ETH layer2 scaling solution unveiled its KlimaDAO partnership in the latest blog. Polygon published an environ-friendly Green Manifesto. Moreover, it purchased $400K in carbon credits. The credits account for greenhouse gasses worth 104,794 tonnes. Furthermore, it erased Polygon’s carbon footprints since the network’s 2019 launch.

Polygon co-founder Sandeep Nailwal resorted to the initiative to make the project lucrative for the environment. He admitted the ongoing environmental crisis and declared a $20 million pledge from MATIC to use web3 and ensure sustainability in the future.

The latest expansion by MATIC has increased the effectiveness of the crypto project, as multiple projects, including Curve Finance, AAVE, and QuickSwap, embrace it. Recently, MATIC unveiled a scalable transaction protocol and boosted transaction speed to 2,000 per second.

Crypto whales have accumulated MATIC tokens for around six weeks, with tiers holding 10K to 10M tokens adding 8.7% more assets to their cryptocurrency holding. That shows large wallet investors trusting in Polygon as a worthy investment.

MATIC Explodes and Ready for Extended Upside

A cryptocurrency analyst Crispus Nyaga analyzed the Polygon price chart and observed a massive bullish bias. The analyst noted an inverted head & shoulders setup in the asset’s charts. Also, the 25- and 50-day MAs made a bullish cross.

While publishing this post, Polygon’s MATIC traded at $0.5902, surging more than 20% within the past 24 hours. The massive upside from the altcoin came as it responded to the ‘green’ news. Also, the positive mood in the crypto world over the past day added upside fuel for MATIC. The total crypto market capitalization gained 1.86% within 24 hours to $926.06 billion.

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