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Polygon Bearish Signal: Whales Move $7.8M to Binance on MATIC

Data shows that Polygon’s whales moved about $7.8 million on MATIC to crypto exchange Binance.

Polygon Whale Transfers 9 Million MATIC On Chain

According to data from a crypto transaction tracking service whale alerta large MATIC transfer was discovered today.

The transaction involved moving 9 million MATIC on the Ethereum blockchain, worth over $7.8 million at the time of transfer.

Since then, the price of Polygon has dropped a bit, so this same stack of coins is now worth around $7.6 million.

Large trades like this are usually a sign of whale activity and, depending on the intent behind them, can have a noticeable impact on the market.

Here are some additional details about the transfer that may give a hint as to why this coin move took place.

Looks like this huge move only took a fee of $0.87 to go through | Source: Whale Alert

As above, the sending address for this Polygon transaction was an unknown address. Such addresses typically belong to personal wallets, or at least are not connected to any known centralized platform.

The remittance destination this time was the wallet of the virtual currency exchange Binance, and it was an exchange inflow transaction.

One of the main reasons investors transfer MATIC (or other cryptocurrencies) to exchanges is for the purpose of sale. As such, inflows can have a negative impact on the coin’s price.

Such a massive influx from whales could indicate that these giant holders are dumping and thus could be particularly bearish for cryptocurrencies.

However, at this time, it is unclear whether the whale was actually preparing to sell with this transfer, or if he was just setting up a position in the futures market.

matic price

At the time of writing, Polygon’s price is hovering around $0.8525, down 4% over the past week. Over the past month, the cryptocurrency has lost 5% in value.

Below is a chart showing the price trend of the coin over the last 5 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 capitalization, Polygon is currently the 10th ranked crypto in the overall market. The table below shows where MATIC stands among its competitors.

Porygon (MATIC) Market Cap

MATIC currently has a market cap of $7.4 billion | Source: CoinMarketCap
Featured image from Jessica Weiller on Unsplash.com, chart from TradingView.com



Polygon Bearish Signal: Whales Move $7.8M to Binance on MATIC

Source link Polygon Bearish Signal: Whales Move $7.8M to Binance on MATIC

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