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A critical transaction performed by a wallet associated with the Polygon Foundation has drawn crypto trackers’ attention to the altcoin. The wallet transferred 9 million of Polygon’s native cryptocurrency, MATIC, to the Binance exchange, turning all eyes there. According to the analysis by the tracking platform Spot on Chain, an unknown wallet with the address 0x57f1ad8d…89a15de3b1, which has been seen in the past, sent MATIC worth $7.75 million to exchanges.
MATICs Transferred to Binance
Meanwhile, the price of MATIC was trading in negative territory earlier today, which paralleled the tokens being sent to Binance. The prominent whale tracking platform Whale Alert also highlighted this transfer, while claiming the wallet address was unknown.
According to data provided by Spot on Chain, the transaction involving the transfer of MATIC to Binance appears to be a continuation of events since the wallet address received a massive amount (240 million tokens) following a Polygon Foundation contract on August 25, 2022.
The same address seems to have transferred 17 million MATIC to Binance since June 5 of the previous year, at an average price level of $0.802.
Looking at this situation, it appears that the events concerning the 15.5 million MATIC transferred to Binance by two wallet addresses associated with Polygon in the last five days are becoming clearer.
Meanwhile, the MATICs owned by the same address are held within Polygon Staking, and the address still holds approximately 218 million coins valued at around $186 million, out of 210 million. This situation raises concerns that the address could negatively impact the price by sending its MATIC holdings to the exchange in the future.
MATIC Price Rises
As of writing, the price of MATIC has risen following Bitcoin’s climb above the $51,000 level, trading at $0.8881 with a 1.3% increase. The market value of the token has reached $8.5 billion with a 1.38% increase, while the 24-hour trading volume has decreased by 2% to $381 million.
This price movement seems to strengthen MATIC with a gradual uptrend, supported by not falling below the critical $0.85 support. However, it is important to remember that sending cryptocurrencies to exchanges can have significant effects. Such transfers can increase the circulating supply and potentially exert downward pressure on the price.
