Mark Cuban Sells Polygon (MATIC) Holdings to Coinbase, Resulting in 5% Price Drop

Mark Cuban Transfers Polygon (MATIC) Tokens

American billionaire and Bitcoin investor Mark Cuban has recently moved some of his Polygon (MATIC) tokens. According to on-chain data platform Spot On Chain, Cuban received 2.82 million MATIC tokens worth $2.56 million from the Polygon PoS Staking address. He then deposited these tokens to the crypto exchange Coinbase on the same day.

In May 2021, Cuban received 2.5 million MATIC tokens from the Polygon Ecosystem Growth and staked them to earn more MATIC. However, after the recent SEC lawsuits alleging some crypto as unregistered securities, Cuban’s holdings have decreased substantially.

Currently, Cuban’s wallet holds only 16 MATIC tokens along with other cryptocurrencies like WETH, ETH, ILV, and BNB. The total value of his crypto holdings in the wallet is now $3.34k.

MATIC Price Movement

The price of MATIC has experienced a slight pullback after reaching a resistance level. Although it fell by 5% in the last few hours, it is still up 1% in the last 24 hours and currently trades at $0.86.

The trading volume for MATIC has also increased by 32% in the last 24 hours, indicating a rise in trader interest. In the 1-hour timeframe, MATIC is trading within the Bollinger bands and above the 20-moving average (MA). The RSI suggests there is potential for further upside momentum.

However, there is a strong resistance at $0.92 that is preventing a significant upward move for MATIC.

Hot Take: Mark Cuban’s MATIC Transfer Reflects Changing Crypto Landscape

Mark Cuban’s decision to unstake and transfer his Polygon (MATIC) tokens highlights the evolving regulatory environment surrounding cryptocurrencies. With the SEC alleging some crypto as unregistered securities, investors like Cuban are adjusting their holdings and taking precautionary measures.

Although the price of MATIC experienced a pullback, it remains resilient, indicating ongoing interest from traders. The resistance level at $0.92 serves as a significant barrier for further upward movement.

As the crypto market continues to navigate regulatory challenges, the actions of influential figures like Mark Cuban provide insights into the shifting dynamics of the industry.