Thursday June 30, 2022

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Yuri Molchan

Balances of Polygon whales’ wallets show massive increase as MATIC price spikes

Santiment data vendor has reported that since early May, the supply of Polygon’s MATIC held in wallets of various-sized crypto whales has shown a massive increase of nearly 9%, while the token’s price shows a big rise of over 23% in the past 24 hours.

In the meantime, a top Ethereum whale illustrated this data, purchasing 10 million MATIC tokens.

Whales adding tremendously to their MATIC holdings

According to a recent tweet posted by Santiment, wallets holding between 10,000 and 10,000,000 MATIC coins have jointly bought more MATIC, which resulted in a collective rise of their balances by 8.7%. They have been purchasing Polygon’s crypto over the past six weeks—since early May.

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In the meantime, MATIC is showing a tremendous increase in value, rising 23.19% in the past 24 hours. At the time of writing, the price of the ERC-20 token stands at $0.5064, according to data shared by CoinMarketCap.

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Price surges on news of carbon neutrality

Another big reason why MATIC has added over 23% is a recent partnership with on-chain carbon market KlimaDAO in order to achieve carbon neutrality. Yesterday, Polygon announced that it had acquired $400,000 worth of carbon credits, which represent 104,794 tons of greenhouse gases.

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Head of Polygon Sandeep Nailwal urged the blockchain space to go beyond mere promises to stop making the environmental crisis worse than now and actually do something to prevent it.

Whale buys 10 million MATIC

WhaleStats crypto tracker has spread the word about a recent large MATIC purchase, when a whale called “BlueWhale0097” acquired 10,000,000 tokens worth $4,226,890.

MATIC tokens at the moment comprise 11.91% of this whale’s portfolio—that is $6,124,735 worth of MATIC.

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