Crypto

Polygon (MATIC) Rises after Carbon Neutrality and Coinbase News


Polygon (MATIC) price has increased by over 30% in the past few days. Within a period of 24 hours, the token experienced an increase in price of 26%. As of now, Matic is trading at $0.5037 per coin according to CoinMarketCap’s data.

Investors in Matic have been relieved by the recent rise in price, with Matic trading at 83% of its all-time high, and still losing value.

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Impact of Carbon Neutrality

WazirX Trade Desk shared a note today, touting Polygon (MATIC)’s change to carbon neutrality. This had led to a surge in demand for MATIC, leading the price up by 30%. Resistance is expected at around the $0.73 level.

In an official blog post, the company explains how they were able to retire $400,000 of carbon credits that offset the entirety of CO2 debt accumulated by the network since inception.

Polygon co-founder Sandeep Nailwal said, “Polygon is always on the forefront of green business. They lead their industry by converting to carbon neutrality and moving towards becoming a net positive for the environment.”

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Coinbase on-chain Polygon Support

Customers will now be able to convert fiat currency to cryptocurrency and deposit the new currency in their Polygon or Solana wallet. Coinbase is adding MATIC and SOL to their listings, which are the native currencies of Polygon and Solana, respectively.

Coinbase will start processing the Polygon and Solana cryptocurrency on several exchanges, along with the company’s first supported fiat currency, announced by them in a blog post update.

Coinbase has announced that they will start to offer ETH, MATIC, and USDC on Polygon. They will also be providing USDC on Solana over time. The exchange added that they’re working on adding more tokens and networks. They said all qualified Coinbase users will soon be able to transfer ETH, MATIC, and USDC from Polygon and Solana from the coming month.

It can be expensive to use Ethereum for every transaction, which is driving some people away from the system. Someone sending a small amount of crypto from Coinbase to their wallet will have to pay over $10 in gas fees, Coinbase has mentioned. It can be expensive to get a larger amount of crypto out of the system, too. There’s a cost of over $100 in “gas” that some people need to pay.

Coinbase is making site upgrades and coming up with new features to separate itself from the competition in the bear market. This change would be adding a percentage system that will post your gains on investments, Binance recently announced that Bitcoin trades are now 0%.

Web3 is difficult to access, as it’s not standardized and can be hard to move crypto from one network to another. Though people are interested in Web3, they don’t know how to navigate it.

Coinbase users can convert their fiat to cryptocurrencies. Polygon is an encrypted registry for experimental blockchain assets, and Coinbase users now have easy access by converting to an available cryptocurrency on Coinbase.

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The Polygon (MATIC) price trend can be attributed to a large number of whale transactions over the last six weeks.

As the top cryptocurrencies struggle to move higher, the global cryptocurrency market cap has now fallen to around $900 billion. Bitcoin is trading below $21,000.

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