Polygon's MATIC Up 20% Amid Whale Accumulation, Carbon Neutrality Push

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7w ago2022-06-23

Polygon, the Ethereum layer 2 scaling solution, has seen its MATIC token rise by over 20% in the past day.

MATIC is currently trading at just under $0.50, up around 22% on the day and 25% on the week, according to data from CoinMarketCap.

That's still down from its price at the start of the month, however, when it traded at highs of $0.66. Like the wider crypto market, MATIC has also dropped substantially from the highs of December 2021, when it recorded an all-time high of $2.92. Since then, its price has fallen by over 83%.

Whales and carbon offsetting

MATIC's recent price surge comes on the back of several weeks of whale accumulation. According to on-chain data provider Santiment, holders with between 10,000 and 10,000,000 MATIC have collectively added 8.7% more to their holdings over the past six weeks.