A wallet associated with the founder of Polygon transferred a large amount of POL (formerly MATIC) tokens to the Binance exchange, sparking controversy among traders and investors globally. Latest on-chain data shows that approximately 10 million tokens were routed to crypto exchange Binance. This move suggests that one of the founders is pitching a potential sales story.
Transfer to Binance Exchange
According to a Dec. This wallet address is saved as 0x883….654332.
Additionally, it was determined that this wallet address received 20 million of the same tokens from Polygon three weeks ago, worth approximately $8.09 million. Afterwards, this address deposited all the tokens to Binance. Two days ago, the same address received 50 million tokens, worth approximately $35.79 million, from the founder’s multi-signature wallet and then sent 10 million POL tokens to Binance.
In general, transferring these large amounts of tokens to a crypto exchange causes serious market concerns as it increases the exchange supply of the token. Additionally, it is thought that this move may be for sales purposes. It is noteworthy that the wallet currently holds 30 million tokens, worth approximately $20.64 million.
How is the Token’s Performance?
At the time of writing, POL price is down around 4% on the day and is currently trading at $0.6820. The 24-hour lowest and highest prices were recorded as $0.6618 and $0.7188, respectively. The decline of the altcoin seems to be consistent with the stock market supply increased by the transfers mentioned above.
However, the token’s weekly and monthly charts showed gains of 17% and 56% respectively. This broader positive movement evoked conflicting emotions following the sell-off-like trades mentioned above.
Finally, the effects of these developments on the Polygon ecosystem and token market continue to be closely monitored. Investors consider such data to evaluate market dynamics and future movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
