Mark Cuban Transfers $2.5 Million Worth of MATIC to Coinbase
American billionaire Mark Cuban has transferred over $2.5 million worth of MATIC, which he received from the Polygon Ecosystem Growth initiative in 2021, to crypto exchange Coinbase. The transfer was revealed by blockchain monitoring platform Spot On Chain.
Purpose of the Transfer Unknown
The reason behind Cuban’s transfer remains unclear. In May 2021, Cuban’s investment valued the assets at $4.25 million. However, if sold at the current market price, it would represent a potential 40% loss compared to two years ago. As of now, Cuban has not made any public statements regarding the matter.
Cuban’s Support for Polygon
Mark Cuban expressed his support for Polygon in May 2021 and mentioned using the layer-2 solution more frequently. However, details about the size and composition of his investments in Polygon have not been disclosed.
Polygon’s Underdog Status
Polygon founder Mihailo Bjelic recently stated that “for all practical purposes, Polygon can (again) be considered an underdog.” This statement came just a day before Cuban’s transfer. The current trading price of MATIC is $0.86, which is 70% lower than levels seen in December 2021.
Hot Take: Mark Cuban Moves $2.5 Million Worth of MATIC to Coinbase
Billionaire entrepreneur Mark Cuban has transferred more than $2.5 million worth of MATIC tokens to Coinbase from his holdings received from the Polygon Ecosystem Growth initiative in 2021. Although the purpose of the transfer is unknown, it raises questions about Cuban’s outlook on the asset’s value, as its current market price represents a potential 40% loss compared to two years ago. Cuban has been a supporter of Polygon and its layer-2 solution, but specific details about his investments remain undisclosed. The transfer comes shortly after Polygon’s founder referred to the platform as an “underdog.”
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