Whales Move Millions of MATIC Tokens to Exchanges
Recently, whales have been making significant moves with MATIC tokens, which could impact the price and stability of the cryptocurrency. The first notable transaction involved a whale depositing 10.78 million MATIC tokens worth around $5.5 million into the Binance exchange. This caused a 3% decrease in the MATIC price.
Following this, more whales took advantage of the price increase and began moving millions of dollars worth of MATIC tokens to exchanges. One transaction carried 11,000,888 tokens worth $5.7 million to Binance, while another transaction with the same number of tokens also headed for Binance. Additionally, a whale shifted 15,826,267 MATIC tokens worth approximately $8.2 million to Binance.
MATIC Price Prediction and Challenges
Analysts predict that if MATIC can break out of its descending triangle pattern, the price could rally over 50% with a target of $0.9. However, bears continue to pose challenges for MATIC, making it a risky situation for investors.
Currently, the MATIC price is at $0.5232 with a 3.06% gain in the last day.
Hot Take: Whales’ Actions Could Impact MATIC’s Stability
The recent movement of whales and their significant transactions involving MATIC tokens may have consequences for the cryptocurrency’s stability and price. As whales deposit large amounts of tokens onto exchanges like Binance, it can lead to price decreases and volatility in the market. While the price has recovered in the short term, it remains uncertain how well MATIC will hold up compared to other altcoins as whales continue to make their moves.
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