Leading crypto project polygon (MATIC) is up 23.8% in the last 24 hours. Additionally, the token outperformed, rising 16.1% weekly, a sharp divergence from the mainstream crypto markets.
In a recent blog, Polygon announced that the project has reached an important milestone as ‘carbon neutral’, which may be one of the many reasons the project is on the rise. The network has partnered with KlimaDAO, a decentralized community of environmentalists, developers and entrepreneurs, to achieve its goal of carbon neutrality.
Koinfinans.com On the other hand, according to on-chain data, wealthy investors are accumulating MATIC despite the bearish trend. According to well-known crypto analytics firm Santiment, between 10,000 and 10 million Polygon (MATIC) holders increased their holdings by 8.7%.
🦈🐳 $MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn
— Santiment (@santimentfeed) June 22, 2022
However, there is also a disadvantage. Polygon’s foreign exchange reserves have seen an 8% increase over the past seven days, according to data available on Cryptoquant. This indicates intense selling pressure for the token. Given the current market scenario, a breakout could be a false signal of recovery.
Polygon’s active addresses have also increased by 47% in the last 24 hours, with a 1035% increase in transfer volume.
Other Developments in Polygon
Besides the above metrics, the project also made a number of collaborations. The USDC stablecoin on Polygon is now one of the world’s largest exchanges FTXAvailable in.
$USDC #onPolygon is now available on @FTX_Official https://t.co/PWMt01ECga
— Polygon – MATIC 💚 (@0xPolygon) June 22, 2022
Polygon also shared a new NFT collaboration with renowned automaker Bentley. A one-time NFT deployment in a carbon neutral network limited to just 208 pieces will mark Bentley’s entry into the NFT market. NFTs could go live in September 2022.
While preparing the news, MATIC It was trading at $0.505890. The project increased by 23.8% in the last 24 hours and by 16.1% compared to the previous week. However, it is still down 16.7% on the 14-day charts. Additionally, MATIC is still down 82.6% from its all-time high of $2.92.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.