Recently, the cryptocurrency market has been going through a very active period. Besides Bitcoin, altcoins continue to attract investors’ attention. Some are looking to make a profit by selling altcoins. Here are the latest notable altcoin sales…
Hermez Network may be selling Polygon
According to breaking news, Hermez Network, an open source ZK Rollup project, may be selling Polygon (MATIC). According to information provided by the blockchain analysis platform Spot On Chain, a wallet associated with Hermez Network sent a total of 3 million MATIC to the Kraken exchange at $ 0.95 per unit.
This news is quite remarkable considering the fact that Polygon, an Ethereum-based layer 2 project, acquired the Hermez project for 250 million MATIC in 2021. After the agreement, the name of the project was updated to Polygon Hermez. According to Spot On Chain’s post, the same wallet received 19.8 million MATIC from Hermez Network in the last month. The wallet still has 16.8 million MATIC worth $16.1 million. This brings to mind the possibility that Hermez Network may be gradually separating from Polygon.
Large transfer from the altcoin founder
A wallet linked to the founder of the decentralized finance (DeFi) platform Curve Finance attracted attention with the transfers of millions of dollars. According to data provided by the on-chain analysis platform Lookonchain, the wallet thought to belong to Curve Finance founder Michael Egorov recently transferred millions of dollars worth of CRV to Binance.
According to the data, Egorov, who took action on February 17, transferred 2.5 million CRV worth $1.34 million to the cryptocurrency exchange Binance. The wallet in question had gathered their attention by transferring 8.5 million CRV, worth $4.55 million, to Binance in the past 2 months. The wallet thought to belong to the founder currently contains 6.5 CRV worth $3.47 million. Curve Finance founder Michael Egorov used many methods to collateralize a high-risk CRV position during last year’s crashes and ultimately saved his position from liquidation.
What was the market impact?
The news that Hermez Network may be selling Polygon had a negative impact on the MATIC price. According to CoinGecko data, MATIC, which has lost 3% in value in the last 24 hours, is traded at $ 0.95 at the time of writing. The CRV transfers of the Curve Finance founder caused a decrease in the CRV price. According to market data, CRV, which has lost 3% in value in the last 24 hours, is traded at $ 0.53 at the time of writing.
The fact that Hermez Network may be selling Polygon and the CRV transfers of the founder of Curve Finance are among the notable developments in the cryptocurrency market. It is a matter of curiosity how this news will affect the market and what will happen in the coming days.
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