Home Altcoins News Polygon Retires $400,000 Worth of Carbon Credits, Paving the Way for Green Adoption

Polygon Retires $400,000 Worth of Carbon Credits, Paving the Way for Green Adoption

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In an official blog post, Polygon, a prominent blockchain platform, announced a significant achievement in its sustainability efforts. The platform has retired $400,000 worth of carbon credits, effectively offsetting the entire CO2 debt accumulated by the network since its inception. This proactive step highlights Polygon’s dedication to environmental responsibility and its aim to become a net positive force for the environment.

Polygon has consistently been at the forefront of embracing sustainable practices within the blockchain industry. By converting to carbon neutrality and actively pursuing environmentally friendly initiatives, Polygon sets an example for other platforms to follow. This recent move to retire carbon credits reinforces its commitment to minimizing its carbon footprint and mitigating the environmental impact associated with blockchain operations.

Sandeep Nailwal, Co-founder of Polygon, expressed optimism about the future of the platform, particularly after the successful private sale of its native token, MATIC, which raised $450 million. This influx of funds will empower Polygon to further advance mass adoption and solidify its position within the Web3 ecosystem. It is interesting to consider how the platform’s eco-friendly production practices may impact the price of Polygon (MATIC) and its future growth.

At present, Polygon’s price hovers around $0.753, with a 24-hour trading volume of $1.16 billion. The platform boasts a market capitalization of $6.15 billion, commanding a market dominance of 0.51%. However, in the last 24 hours, the MATIC price has experienced a slight decline of 1.9%. With a circulating supply of approximately 8.01 billion MATIC out of a maximum possible supply of 10 billion MATIC, the market awaits the potential effects of Polygon’s eco-friendly initiatives on its price trajectory.

Analyzing MATIC price data, it is evident that bulls held momentum as the price surged from a low of $0.73. The immediate resistance level for MATIC is situated at $0.8283, while support is found at $0.7089. The MATIC price analysis suggests that the recent decline is a minor bearish rally after a period of selling pressure. However, bulls have successfully recovered from the low, indicating a bullish sentiment in the market.

Examining the daily price chart, MATIC has experienced a minor bullish rally, with the price surpassing the 23.6% Fibonacci channel. Currently trading at $0.753, the price has decreased by approximately 1.9% in the last 24 hours. The 24-hour trading volume has surged to $6.92 million, indicating increased trading activity. The RSI-14 trend line has declined but remains below the 53-level, suggesting that bulls may be losing their dominance. The SMA-14 level indicates potential upward volatility in the near future.

Zooming in on the 4-hour MATIC price chart, it becomes evident that bulls are preventing further decline as the price finds support at the EMA200. The BoP (Balance of Power) indicator indicates a bullish region at 0.57, indicating intensified buyer pressure. Conversely, the MACD trend line shows red candles below the signal line, suggesting a bearish reversal and strengthening sellers’ positions.

In the coming days, if MATIC price breaks above $0.8283, it may surge higher, potentially reaching the resistance level of $0.8897. However, if bulls fail to initiate a surge, MATIC price may drop below the immediate support line at $0.7089, leading to a correction towards $0.6576.

Several industry experts and forecasters have shared their predictions for the future price of Polygon (MATIC). According to Cryptopolitan, the price is expected to range between $0.89 and $1.02 in 2023, while Digital Coin Price forecasts a bullish growth trajectory, with MATIC potentially surpassing $14.72 by 2032.

While the price of MATIC is influenced by various factors, including market dynamics and investor sentiment, Polygon’s commitment to sustainability and eco-friendly practices could positively impact its long-term growth. As the market continues to recognize and value sustainable initiatives, Polygon’s focus on environmental responsibility positions it as a leader in the blockchain industry.

In conclusion, Polygon’s retirement of $400,000 worth of carbon credits highlights its dedication to environmental sustainability and its pursuit of becoming a net positive force for the environment. This eco-friendly approach, combined with the successful private sale of MATIC tokens, sets the stage for Polygon’s future growth and mass adoption. The price of Polygon (MATIC) may be influenced by these sustainable practices, and analysts’ predictions offer insights into its potential trajectory. With its commitment to environmental responsibility, Polygon continues to shape the blockchain landscape and inspire others to follow suit.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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