Data shows that a Polygon whale just transferred around $7.8 million in MATIC to the Binance crypto exchange, which may be bearish for the price of the crypto.
Polygon Whale just moved 9 million MATICs to the channel
According to data from Crypto Transaction Tracking Service whale alerta massive MATIC transfer was spotted today.
This transaction involved the movement of 9 million MATIC on the Ethereum blockchain, worth over $7.8 million at the time of transfer.
Because Polygon’s price has dropped a bit since then, that same stack of coins now converts to around $7.6 million.
These large transactions are usually a sign of activity on the part of the whalesand depending on the intention behind them, can have noticeable impacts on the market.
Here are some additional details about the transfer that may give clues as to why this move of parts may have been made:
Looks like this huge move only took a fee of $0.87 to go through | Source: Whale Alert
As you can see above, the sending address for this Polygon transaction was an unknown address. These addresses usually belong to personal wallets or at the very least are not connected to any known centralized platform.
One of the main reasons investors transfer their MATIC (or any other crypto) to exchanges is for the purpose of selling. Thus, entries can have a negative effect on the price of the coin.
Large influxes like this from whales can be a sign that these huge holders are pouring out, and can therefore be particularly bearish for the crypto.
However, at this time it is unclear if this whale was really preparing to sell with this transfer, or if it was just establishing a position in the futures market.
As of this writing, Polygon’s price is hovering around $0.8525, down 4% in the past week. Over the past month, the crypto has lost 5% in value.
Below is a chart that shows the price trend of the coin over the past five days.
The value of the crypto seems to have observed some uplift during the last few days | Source: MATICUSD on TradingView
In terms of market cap, Polygon is currently the 10th ranked crypto in the overall market. The table below shows where MATIC ranks among its competitors.
MATIC currently has a market cap of $7.4 billion | Source: CoinMarketCap
Featured image from Jessica Weiller on Unsplash.com, chart from TradingView.com