Giant Whale Spills Binance From That Altcoin Project! Coin Drops!

Santiment shared that a whale transferred $95 million worth of MATIC to Binance during the day. After this transfer, the altcoin fell below $0.80 for the first time since January.

Whale pours tokens on Binance, altcoin price drops!

Blockchain intelligence firm Santiment stated that a whale transferred $95 million worth of Polygon (MATIC) to Binance. According to the post, this transfer caused the altcoin price to drop below $0.80 for the first time since January 6, 2023. Since then, the price of MATIC has been trading below the $0.80 level.

There is a huge increase in the supply of MATIC on exchanges

The sanctions actions of the US financial regulator against cryptocurrency exchanges triggered a bloodbath in the ecosystem. As you follow on, the SEC has filed a lawsuit against Binance and Coinbase. In these cases, he listed the MATIC token as a security. Pressure from the SEC has intensified the selling pressure on the Ethereum Layer 2 scaling token. Thus, the altcoin price has dropped over 9% since Monday.

According to price data from CoinGecko, MATIC traded at $0.9048 on June 5. However, the SEC’s lawsuits and comments on MATIC pushed the price below $0.80.

MATIC price chart by CoinGecko

Moreover, the price drop was accompanied by increased MATIC reserves on cryptocurrency trading platforms. A few Layer 2 tokens such as Arbitrum (ARB), Optimism (OP) and Immutable X (IMX) rallied on Tuesday, while MATIC hit a wall. A whale transferred $95 million worth of MATIC from a cold wallet to Binance’s exchange platform.

Whale’s $95 million MATIC token transfer

According to data from crypto intelligence tracker Santiment, this transfer piled on top of the growing supply of MATIC on exchanges. Thus, it increased the supply from 815.89 million on Monday to 942.77 million at the time of writing.

MATIC supply on exchanges

Typically, an increase in asset supply on exchanges and large volume transfers from whales to exchange platforms are both considered bearish signs for assets. Meanwhile, we’ll see if Polygon Network’s recent partnership announcements will help the token’s recovery in the short term.

Polygon partners with Taurus

Polygon Network has made a huge leap in adoption among tech and financial infrastructure giants with its last two partnerships. Deutsche Telekom, the world’s largest telecom giant, joined the MATIC network as a validator, joining a network of 100 validators.

Organized by FINMA, giant Taurus leveraged Polygon to help tokenize assets for its clients. These two key partnerships are likely to act as a bullish catalyst. Thus, it is likely to support MATIC’s recovery in the short term.

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