Polygon Surges 25% Today, and More Than 50% From Lows, on These 2 Catalysts
Today has been a relatively muted day for cryptocurrencies, with the market only around 1.5% higher as of 9:30 a.m. ET. However, for layer-2 scaling network Polygon (CRYPTO: MATIC), some serious outperformance has investors turning their heads. This token has surged 25% higher over the past 24 hours and is now up considerably more than 50% since this weekend's low.
Today's move higher appears to be the result of two key catalysts for this network. First, on-chain data from Santiment has shown that "whales," or those holding between 10,000 and 10,000,000 MATIC, have added an aggregate 8.7% to their portfolios over the past month and a half. This sort of massive surge in investor interest from big-time players is notable, and the market is paying attention.
Secondly, Polygon has announced that it has retired $400,000 in carbon credits. This equates to nearly 105,000 tonnes of greenhouse gases, or more than the entire network's carbon emissions since inception. Thus, Polgyon's carbon neutrality push appears to be moving in the right direction.
Source Fool.com
