Mark Cuban Sells Polygon (MATIC) to Coinbase; Price Drops 5%

Mark Cuban

Renowned investor Mark Cuban moved his Polygon (MATIC) tokens to Coinbase, leading to a 5% drop in the MATIC price. This decision by Cuban had a noticeable impact on the cryptocurrency’s value.

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Billionaire and Bitcoin investor Mark Cuban recently unstaked a portion of his Polygon (MATIC) tokens and transferred them to the crypto exchange Coinbase on Tuesday. Interestingly, this move occurred at the same time as the MATIC price experienced a notable surge of over 10%, reaching $0.92. This uptick happened despite the U.S. Securities and Exchange Commission (SEC) alleging that MATIC, along with other cryptocurrencies, is an unregistered security.

Mark Cuban’s MATIC Transactions: On-Chain Observations

Spot On Chain, an on-chain data platform, recently observed a wallet associated with American billionaire Mark Cuban receiving 2.82 million MATIC tokens valued at $2.56 million from the Polygon Proof-of-Stake (PoS) Staking address. Interestingly, these unstaked MATIC tokens were subsequently deposited into the Coinbase crypto exchange on the same day.

It’s worth noting that on May 24, 2021, Mark Cuban initially received 2.5 million MATIC tokens from the Polygon Ecosystem Growth. These tokens were staked by Cuban to earn additional MATIC. However, the recent transaction reveals a change in strategy as the MATIC tokens were unstaked and moved to Coinbase.

As of the latest update, Cuban’s wallet holds only 16 MATIC tokens, alongside other cryptocurrencies such as WETH, ETH, ILV, and BNB, resulting in a total crypto value of $3.34k.

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Mark Cuban’s cryptocurrency holdings have seen a substantial decrease following recent SEC lawsuits. He has been an outspoken critic of the SEC’s classification of certain cryptocurrencies as unregistered securities. In a notable move, Cuban and Elon Musk have joined forces to present a joint amicus brief to the US Supreme Court case US SEC v. Jarkesy. This collaborative effort challenges the SEC’s practice of conducting in-house trials without juries.

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MATIC Price Update: Minor Dip Amidst Overall Gains

In the recent hours, the price of MATIC experienced a slight decline of 5%, settling at $0.86. However, the overall trend in the last 24 hours shows a positive gain of 1%. The cryptocurrency’s trading range during this period fluctuated between $0.854 (low) and $0.921 (high). Notably, there has been a notable 32% increase in trading volume over the last 24 hours, indicating a heightened interest among traders.

Zooming into the 1-hour timeframe, MATIC is currently trading within the Bollinger bands, positioned above the 20-moving average (MA). The Relative Strength Index (RSI) suggests that there is still potential for additional upside momentum. However, it’s essential to note that the resistance at $0.92 is currently impeding further upward movement, presenting a key level to watch for potential breakout or retracement.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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