Polygon’s Matic is leading the crypto brigade with a whopping 93% surge in less than a week after months of turmoil. The sharp rally amidst the market downturn is attributed to several weeks of accumulation by some of its richest investors.
Recent on-chain metrics showed that the asset’s shark & whales addresses have shot up as they are accumulating big since last month.
That includes the cohort of Polygon token holders ranging from 10,000 to 10 million coins, which have “collectively added 8.7% more to their bags” since May 9.
The above activities highlight the confidence of whales about the token’s long-term recovery. Although, that seems promising but is not necessarily a bullish indicator of the asset’s price action.
Currently, MATIC is trading at $0.60, up by more than 65% in the weekly index, as per data from coinmarketcap. Over the week, MATIC saw a series of developments that contributed to the price uptrend.
Two days ago, U.S. crypto exchange Coinbase announced support for transactions on Polygon. The announcement noted:
Over the next month, eligible Coinbase customers will be able to send and receive ETH, MATIC, and USDC on Polygon. The Polygon integration marks the first time Coinbase has enabled the ability to send and receive these assets on an L2 or sidechain.
The latest decision comes amidst skyrocketing gas fees on the Ethereum blockchain and the preference for more affordable platforms.
MATIC Tapping Carbon Neutrality Goals
At the same time, the network has been achieving major milestones in terms of its carbon neutrality goals. In its partnership with KlimaDAO, the Polygon ecosystem has retired $400,000 in carbon credits to offset greenhouse gas emissions.
Additionally, the layer 2 scaling ecosystem took one step closer to securing DAO governance as well as handling users’ identities in a secure manner. On 22nd June, Its development team rolled out Polygon ID, which went live on its DAO.
The new product verifies the user identity while allowing them to stay anonymous with the help of zero-knowledge [ZK] proofs.
Coinciding with the Polygon ID launch, making its first venture into the NFT marketplace- Bentley Motors is slated to unveil a carbon-neutral NFT on Polygon by September.