Home / News / World /  Cryptocurrency Polygon's price rallies 27% in 24 hours. Here's why

Cryptocurrency Polygon (Matic) price today rallied over 27% to $0.50 in the last 24 hours, as per CoinGecko, with the digital token up 15% in the past seven days. Polygon, which had hit an all time high of $2.92 on Dec 27, 2021, has fallen about 80% in 2022 (YTD) so far.

The recent news of Polygon’s MATIC network claiming that it has achieved carbon neutrality has given boost its native token's price to advance higher.

"Polygon(MATIC), recently achieved carbon neutrality(a balance between emitting and absorbing carbon). This has led to a surge in MATIC price in the last few days, jumping up by 30%. The hourly trend for MATIC has broken out of the ascending triangle pattern. The next resistance is expected at $0.73 level," said Indian crypto exchange WazirX's Trade Desk.

In a recent blog post, Polygon said it has made a first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.

The platform has pledged $20 million for a series of community initiatives aimed at utilizing Web3 to create a more sustainable future for all, including new solutions for on-chain carbon credit retirement.

"Polygon reached carbon neutrality by partnering with KlimaDAO, a decentralized collective of environmentalists, developers, and entrepreneurs that is widely recognized as a pioneer in the nascent, on-chain carbon market," the company added.

Polygon (MATIC) is the native cryptocurrency that powers the Polygon Network, a layer 2 platform created in 2017. Originally called the Matic Network, the Polygon Network allows developers to create and deploy their own blockchains that are compatible with the Ethereum blockchain with a single click, 

Polygon also enables other Ethereum-based projects to transfer data and tokens between one another using the MATIC sidechain. The cryptocurrency is currently ranked 19th in terms of market value, as per data by CoinGecko.

Meanwhile, top cryptocurrency prices today Bitcoin, ether surged over 2% higher over the last 24 hours, whereas other tokens' were mixed. Digital assets have been selling off all year along with other risky holdings as global central banks have shifted to hiking interest rates to quell soaring inflation. 

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