In a significant cryptocurrency transaction that has garnered the attention of the digital asset community, the Polygon Foundation-associated wallet transferred a hefty sum of its native MATIC tokens to the Binance trading platform. The transfer consisted of 9 million MATIC tokens, which, at the time of transaction, were valued at approximately $7.75 million. Crypto analysts, upon noticing the substantial transfer, shifted their focus to Binance, anticipating potential market moves.
Intense Activity Surrounding MATIC
Concurrently with the transfer, MATIC’s price was experiencing a downturn, adding intrigue to the timing of the tokens’ movement to Binance. Whale Alert, a service that monitors large-scale crypto transactions, detected the transfer and confirmed the sender’s wallet as previously unidentified.
Analyses by Spot on Chain indicate that this recent transaction is part of a series that started when the wallet in question received 240 million tokens from a Polygon Foundation contract. Since June of the prior year, this wallet has been involved in the transfer of 17 million MATIC to Binance, averaging a price of $0.802 per token.
The analysis further reveals that within the past five days, over 15.5 million MATIC have been transferred to Binance by two wallets linked with Polygon. These actions provide more clarity on the recent transactions involving Polygon’s cryptocurrency.
The wallet still controls a large number of MATIC, holding approximately 218 million tokens valued at $186 million within Polygon Staking. This raises market concerns regarding the potential impact on MATIC’s price should these tokens enter the exchange market.
Market Impact and Price Developments
Following the activities of Polygon’s wallet and Bitcoin‘s surge past $51,000, MATIC’s price has seen an upturn, trading at $0.8881, reflecting a 1.3% increase. The market capitalization of MATIC has reached $8.5 billion with a slight uptick, while trading volumes have marginally declined. The token’s resilience is underscored by its ability to maintain above the crucial $0.85 support level, despite potential market risks associated with large-scale token transfers to exchanges.