Polygon (MATIC) Whales Make Mystery Moves Amid Price Plunge

2023-12-12 22:30

Several major transactions of Matic tokens (MATIC) were spotted today by the popular crypto tracker Whale Alert. Over $260 million worth of MATIC was transferred from the Polygon network to unknown wallets across six separate transactions within a 30-minute period.

The recipient wallets are currently undisclosed, leaving observers to speculate why such large sums were suddenly moved out of Polygon. Each transaction ranged from 25 million to 56 million MATIC tokens. At the time, these transfers were worth between $21 million to $47 million.

These major transfers come on a day when the broader crypto market is seeing significant losses, with Bitcoin down 4.5% and Ethereum down 5.5% over the last 24 hours. MATIC has been hit even harder amid the selloff, with prices plunging 6% today.

So what explains the timing on these MATIC mega-transfers? There are a few potential theories:

MATIC owners could be taking profits or rotating into stablecoins/Bitcoin at a time when prices still remain fairly high on a historical basis. Whales may see additional downside risk in altcoins like MATIC. Large token holders could be moving their assets to cold storage wallets for security purposes, rather than keeping them on exchanges. This is a common practice, but does not usually happen across such large transactions so quickly. In a worst case scenario, it’s possible these transactions signal insiders or early MATIC backers cashing out based on non-public information about Polygon’s future prospects. Though mere speculation at this point.

Ultimately the reasons driving today’s MATIC transfers are unclear. But the moves are worth monitoring given the token’s importance to Polygon’s overall ecosystem and growth. Any signs of decreased confidence from major holders could negatively impact MATIC’s price outlook. We will have to wait and see if any additional information comes out about the parties behind these transactions.

Read also:

Chainlink (LINK) Nears Make-or-Break Resistance Level Why Has Avalanche (AVAX) Pumped 300% in Two Months? Rebel Satoshi Demonstrates BIG Profit Potential: How Do Ethereum (ETH) and Avalanche (AVAX) Compare? We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Polygon (MATIC) Whales Make Mystery Moves Amid Price Plunge appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Matic Network (MATIC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
Капитализация $0 Rank 99999
Доступно / Всего 0 MATIC

matic polygon transactions worth transferred 30-minute million

matic polygon → Результатов: 126


February 2024 Altcoin Surge Highlights: Meme Moguls (MGLS) Presale Success with Polygon (MATIC) and Chainlink (LINK) Surges

In February 2024, the altcoin market witnessed a notable surge, showcasing the vibrant dynamism and potential for substantial growth within the cryptocurrency sector. Among the standout performers, Meme Moguls (MGLS), Polygon (MATIC), and Chainlink (LINK) have captured significant attention due to their impressive gains and strategic advancements.

2024-2-22 11:00


Polygon (MATIC) Price Eyes Breakout at Critical Resistance, Nike Partnership in Focus

Considering the growing buying pressure brought about by a group of strategically-minded large investors, or 'whales', is it likely that Polygon (MATIC) will surpass the $0.90 mark in the days ahead? The post Polygon (MATIC) Price Eyes Breakout at Critical Resistance, Nike Partnership in Focus appeared first on BeInCrypto.

2023-6-5 12:30


Polygon прибавил 5% благодаря усилению сетевой активности

Альткоин Polygon (MATIC) в ночь на пятницу, 26 мая, вырос до $0,008. За минувшие сутки капитализация MATIC подскочила более чем на 5% до $8,218 млрд. Рост стоимости криптовалюты стал прямым результатом всплеска сетевой активности, считают эксперты.

2023-5-26 00:01