MATIC price explodes as Polygon achieves Carbon neutrality
- Ethereum layer 2 scaling solution Polygon has achieved carbon neutrality by retiring $400,000 worth of carbon credits.
- MATIC’s partnership with KlimaDAO has helped the Ethereum scaling solution retire their entire carbon debt since inception in 2019.
- Analysts believe MATIC price could continue its uptrend and push price to $0.63.
MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and
MATIC partners with KlimaDAO for Carbon neutrality
In a recent blog, Ethereum’s layer-2 scaling solution revealed its partnership with KlimaDAO. MATIC recently published an environmentally friendly Green Manifesto and bought $400,000 in carbon credits. These credits represent 104,794 tonnes of greenhouse gasses and wipes out MATIC’s carbon footprint since the protocol’s launch in 2019.
Sandeep Nailwal, the co-founder of Polygon took up the initiative to turn the project net positive for the environment. Nailwal acknowledged the current environmental crisis and announced that MATIC has pledged $20 million to utilize Web3 and create a sustainable future.
MATIC’s recent expansion has made the layer-2 scaling solution more effective, as it is embraced by hundreds of blockchain projects like AAVE, QuickSwap and Curve Finance. MATIC recently launched a scalable payments platform and increased transactions per second to 2,000.
Large wallet investors have continued MATIC accumulation for about six weeks and tiers holding 10,000 to 10 million MATIC have collectively added 8.7% more tokens to their holdings.
MATIC price explodes, could continue uptrend
Crispus Nyaga, a crypto analyst evaluated the MATIC price chart and identified a strong bullish trend. 25-day and 50-day moving averages have made a bullish crossover and the analyst identified an inverted head and shoulders pattern in the altcoin’s chart.
The initial resistance level for MATIC is at $0.5652 and next resistance is at $0.63.
MATIC-USD chart
FXStreet analysts are bullish on Ethereum and predicted a jump in the altcoin’s price. For more information, watch this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
