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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.