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Polygon’s MATIC Surges 27% On Carbon Neutrality News

Polygon’s MATIC Surges 27% On Carbon Neutrality News

According to CoinMarketCap, the Polygon (MATIC) value was increased by nearly 27% to $0.55 within 24 hours after Polygon’s news of being carbon neutral. However, the coin is still on an upward trend, and as of the time of writing, it was trading at $0.60. 

The price is still below what it was at the beginning of the month when it was trading at $0.66, but considering the market downturn, MATIC’s price gain is sending out a positive vibe. It ranks as the 18th largest cryptocurrency worldwide.

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The value of Polygon (MATIC) increased by roughly 50%% within seven days, as per CoinMarketCap statistics. On the other hand, the leading cryptocurrencies, like Bitcoin and Ethereum, saw a week’s decline. In addition, Having peaked at $2.92 on December 27, 2021, Polygon has since plummeted nearly 80%. Although it is still 50% higher than this month’s low of 0.31 on June 18.

MATIC was first created on top of the Ethereum Network and is now enhanced with Plasma-based side-chains to guarantee asset security. The main objective of MATIC Network, which calls itself a blockchain-agnostic Layer-2 scaling solution, is to enable scalable, quick, and safe blockchain transactions. 

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MATIC is currently trading at around $0.6 on the hourly chart | Source: MATIC/USD price chart from Tradingview.com

The Main Factor Driving Polygon’s Matic Value Upward

Mainly two catalysts appear to be the reason for Polygon’s increasing value. Nevertheless, the most important one is Polygon’s recent announcement that it has retired $400,000 worth of carbon credits, turning the company carbon neutral.

The value of its native token has increased significantly as a result of its achievement of carbon…

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