Whale Alert, one of the leading crypto data platforms tracking movements in the blockchain, has reported numerous large transfers in two popular altcoins. The platform issued a warning that 282,695 Solana (SOL) tokens were transferred from an anonymous wallet to Binance, and a total of 47 million Polygon (<a href="https://en.coin-turk.com/august-market-decline-and-the-rise-of-matic-will-the-rise-continue/”>MATIC) tokens were transferred to Coinbase.
Whale Moves Millions of MATIC to Coinbase
According to market data mentioned in the Whale Alert report, a wallet address starting with 0xCD53… sent 20 million MATIC tokens to another wallet address starting with 0x8298… on the crypto exchange Coinbase. The wallet address starting with 0xCD53… then sent an additional 27 million MATIC tokens to a connected wallet address on Coinbase, bringing the total transferred MATIC tokens to 47 million.
In addition to this, the platform also reported another whale transaction involving MATIC. 37.1 million MATIC tokens were transferred from an anonymous wallet starting with 0xD11b5… to the wallet address starting with 0xCD53…, which then transferred 47 million MATIC tokens to Coinbase through a series of transactions.
These significant whale transactions seem to follow the recent price increases of Polygon. At the time of writing, the price of the altcoin has increased by 6.75% in the past 24 hours, trading at $0.6734. Furthermore, the trading volume of the altcoin has seen a massive increase of 55.98%.
Worrying SOL Transfers by the Whale
Another series of large transactions reported by Whale Alert were directed towards Solana. An anonymous wallet starting with 3ADzk5… transferred 532,694 SOL tokens to the world’s largest cryptocurrency exchange, Binance. The same wallet address made two more transfers to Binance in a series of transactions. The first transfer involved 249,999 SOL tokens worth $10.79 million, while the second transfer on the same day involved 282,695 SOL tokens worth $11.96 million.
These whale transactions, like in the case of MATIC, caught attention as they occurred after a sharp increase in the price of SOL. According to market data, the price of Solana has increased by 10.82% in the past 24 hours, trading at $44.42. The trading volume has also seen a significant increase of 138.42% within the same time frame, and the price of SOL has increased by 85.63% in the past 30 days.
While there can be several reasons for sending a large amount of an altcoin to a cryptocurrency exchange, the most common reason is to sell it. It is important to be cautious due to the potential selling pressure these transfers can create for SOL and MATIC.
