A wallet associated with the Polygon Foundation recently moved 9 million MATIC tokens to Binance, one of the top cryptocurrency exchanges, during a period of price decline.
In a surprising development, a wallet associated with the Polygon Foundation recently moved 9 million MATIC tokens to Binance, one of the world’s leading cryptocurrency exchanges, attracting significant global attention.
Polygon Foundation Transfers 9 Million MATIC to Binance
According to on-chain metrics from the Spot on Chain tracking platform, the unidentified wallet, 0x57f1ad8d…89a15de3b1, transferred MATIC worth $7.75 million to the mentioned exchange, causing a slight dip in the token’s price.
The MATIC price experienced a decline today, coinciding with the notable token transfer to Binance. Whale Alert, a blockchain tracking platform, also highlighted the transfer, though the wallet address remains unknown.
The data from Spot on Chain reveals that such transfers of MATIC to Binance have become increasingly common since the wallet received 240 million tokens from a Polygon Foundation contract on August 25, 2022. Subsequently, the wallet has moved 17 million MATIC to Binance since June 5 last year.
The recent transfer of 15.5 million MATIC to Binance by two wallets associated with Polygon in the last five days has captured the interest of crypto traders and investors. Similar previous transfers have caused minor downward pressure on MATIC’s price.
Currently, the wallet still holds 218 million coins, valued at approximately $186 million, with 210 million of them held under Polygon Staking, suggesting potential future dumps and their potential negative impacts on MATIC’s price.
MATIC Price and Market Performance
As of the latest update, MATIC’s price has experienced a 1.86% decrease in the past 24 hours, currently trading at $0.8586. The token’s market capitalization and 24-hour trading volume have also seen declines of 1.85% and 16.47%, respectively.
The observed decline in MATIC’s price today seems to align with the significant offloading mentioned earlier. However, according to charts from Trading View, the token has shown a gradual upward movement, indicating resilience and potentially avoiding a drop below the $0.85 mark by press time.
Nonetheless, there is considerable attention from crypto enthusiasts, with prevailing sentiments revolving around concerns of potential price drops following significant dumps onto exchanges.
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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