Data shows a Polygon whale has just moved around $7.8 million in MATIC to the crypto exchange Binance, something that may be bearish for the crypto’s price.
Polygon Whale Has Just Transferred 9 Million MATIC On The Chain
As per data from the crypto transaction tracker service Whale Alert, a massive MATIC transfer has been spotted today.
This transaction involved the movement of 9 million MATIC on the Ethereum blockchain, worth more than $7.8 million at the time of the transfer.
Because the price of Polygon has come down a bit since then, this same stack of coins now converts to about $7.6 million.
Such large transactions are usually a sign of activity from the whales, and depending on the intent behind them, can have noticeable impacts on the market.
Here are some additional details regarding the transfer that might give hints as to why this move of coins may have been done:
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. Such addresses usually belong to personal wallets, or are at the very least not connected with any known centralized platform.
The destination of the transfer in this case was a wallet associated with the crypto exchange Binance, which means this was an exchange inflow transaction.
One of the main reasons investors transfer their MATIC (or any other crypto) to exchanges is for selling purposes. As such, inflows can have a negative effect on the price of the coin.
Large inflows like this one coming from whales can be a sign that these humongous holders are dumping, and can thus be especially bearish for the crypto.
Though, at the moment it’s unclear whether this whale was truly preparing to sell with this transfer, or if they were only setting up a position on the futures market.
At the time of writing, Polygon’s price floats around $0.8525, down 4% in the last week. Over the past month, the crypto has lost 5% in value.
Below is a chart that shows the trend in the price of the coin over the last 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 the market cap, Polygon is currently the 10th ranked crypto in the entire market. The below table displays where MATIC stands 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