After the US inflation data announced yesterday, Bitcoin Altcoins, including, experienced withdrawals.
After withdrawal BTC While it recovered rapidly, differences were seen in altcoins. At this point, some altcoins attracted attention with their rise, while others continued their decline.
One of the fallen Polygon (MATIC) happened.
However, it turned out that the Polygon Foundation was behind this decline.
According to Spot on Chain’s post A wallet affiliated with the Polygon Foundation transferred 9 million MATIC worth $7.75 million to leading crypto exchange Binance amid its decline.
With the last MATIC transfer, Polygon Foundation transferred a total of 15.5 million MATIC at $0.85 (worth $13.2 million) through 2 wallets affiliated with the foundation in the last five days.
“Wallet 0x57f, affiliated with Polygon Foundation, deposited 9 million MATIC ($7.75 million worth) to Binance approximately 11 hours ago.
With the latest transfer, the foundation deposited 15.5 million MATIC to Binance at $0.85 (worth $13.2 million) via 2 wallets affiliated with the Polygon Foundation in the last 5 days.
MATIC price dropped slightly after each deposit.”
After these transfers MATIC Even though the price experiences small decreases, the price recovers immediately and does not react much. MATIC continues to trade at $0.8672 at the time of writing.
Wallet 0x57f (linked to #polygon Foundation) deposited 9M $MATIC ($7.75M) to #Binance ~11hrs ago.
Overall, there have been 2 wallets linked to the Polygon Foundation depositing 15.5M $MATIC to #Binance at ~$0.85 ($13.2M) in the past 5 days.$MATIC price slightly dipped after… pic.twitter.com/byEOI57ldA
— Spot On Chain (@spotonchain) February 14, 2024
*This is not investment advice.
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