Last Updated on June 24, 2022 by Bitfinsider

After a protracted crypto market breakdown, Polygon (MATIC) has seen huge gains over the last seven days, which is a relief to Polygon traders and investors.

MATIC was trading at $0.5116 at the time of writing, up 23.65 percent in the previous day. A daily high of $0.5145 has been reached.

Despite the fact that MATIC is still down 82.67 percent from the $2.92 all-time high it reached on December 27 of last year, its trading volume has increased an astounding 114.45 percent to $937.9 million in the past day.

But why does MATIC perform better than other cryptocurrencies in a down market? Let’s examine a few of the causes of the MATIC price increase.

One of the main reasons for the rally is the achievement of Carbon neutrality after its recent partnership with KlimaDAO, an on-chain carbon market to achieve it. During their announcement yesterday, Polygon said that it has received $400,000 worth of carbon credits which is equivalent to 104,794 tons of greenhouse gases.

The growth in whale MATIC collection is another factor driving up MATIC prices.

A tweet from Santiment today claims that since the beginning of May of this year, wallets having between 10,000 and 100,000 MATIC coins have bought more MATIC coins.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.