Polygon token price jumps nearly 25% in 24 hours

The price of Polygon’s native token on the Ethereum layer-2 solution (MATIC) rose 24.9% in 24 hours, according to CoinGecko.

The asset trades at around $0.50. This is roughly 82% below the December 2021 high of $2.88.

The sharp daily rally occurred as the project team unveiled a new system for identifying participants DAO — Polygon ID.

The solution employs zero‑knowledge proof technology, which helps avoid the disclosure of personal data.

Santiment analysts noted that over the past six weeks the aggregate MATIC whale balances (addresses with balances from 10,000 to 10,000,000 tokens) rose by 8.7%.

🦈🐳 $MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. 📈 https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn

— Santiment (@santimentfeed) June 22, 2022

The Polygon team also announced that the network has achieved carbon neutrality. In partnership with KlimaDAO, the project purchased and retired tokenized carbon credits worth $400,000.

In May, the issuer of the largest by market capitalization stablecoin USDT, Tether, launched the asset on the Polygon network.

In June, Circle, the operator of the stablecoin USD Coin (USDC), added support for the Polygon blockchain.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.