Polygon Foundation Transfers 9 Million MATIC to Binance
A wallet linked to the Polygon Foundation has made a transfer of 9 million MATIC, the native cryptocurrency of Polygon, to Binance. This transaction has gained attention globally and has slightly affected the price of MATIC. The unknown wallet shifted MATIC worth $7.75 million to Binance, as reported by on-chain metrics.
The MATIC price traded in the red today due to this significant offloading of tokens. The blockchain tracking platform Whale Alert also highlighted this transfer, although the wallet address remains unknown.
MATIC Dumps to Binance: A Recurring Phenomenon
According to data from Spot on Chain, Polygon’s transfer of MATIC to Binance has become quite common since the wallet address received 240 million tokens from a Polygon Foundation contract in August 2022. Since then, the address has shifted 17 million MATIC to Binance at an average price of $0.802.
In the past five days alone, two wallets linked to Polygon have transferred a substantial 15.5 million MATIC to Binance. These transfers have attracted the attention of crypto market traders and investors, as they have had a slight impact on the price.
The wallet still holds 218 million coins, worth approximately $186 million, with 210 million kept under Polygon Staking. This raises concerns about future dumps and their potential negative effects on MATIC’s price.
MATIC Price Tumbles
The price of MATIC has dropped by 1.86% over the past 24 hours and is currently trading at $0.8586. The token’s market cap and 24-hour trading volume have also decreased today by 1.85% and 16.47%, respectively.
Despite the initial drop, the token has gradually gained an upward movement as of press time, indicating that it may not dip below the $0.85 mark. However, crypto market enthusiasts are closely watching the token, as significant dumps to exchanges often lead to price drops.
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