Binance, the world’s leading Bitcoin and altcoin exchange, has been the focus of attention for both traders and investors. A notable recent development has been the transfers of Lido DAO (LDO) tokens and its correlation with price action. On the other hand, millions of dollars worth of MATIC transfer has entered the users’ radar. Here are the details…
Big transfer in LDO altcoin project: What’s behind it?
Lido DAO’s LDO token was transferred to Binance by the well-known company Jump Crypto, judging by the on-chain data. A series of transfers has sparked debate among market analysts about what may have led to Jump Trading’s actions and their potential impact on the crypto market. Four days ago, Jump Trading, a proprietary trading company that uses algorithms and cutting-edge technology to trade financial markets, initiated the transfer of LDO tokens to Binance, causing the token price to drop by 10 percent.
About 10 hours ago, another transfer was made, which resulted in a 5 percent drop in the value of the LDO token. These actions by Jump Trading have sparked speculation among market analysts, with some suggesting that the transfers could be an indication of selling LDO holdings in anticipation of a price drop. On the other hand, others believe the transfers could be part of a larger strategy to accumulate LDO at a lower price.
Whatever the reasoning behind Jump Trading’s transfers, it’s a PSA for crypto investors: The crypto market is highly volatile and the price of LDO has dropped 15 percent in just four days after enjoying an impressive bull run.
A large amount of MATIC also went to Binance
On the other hand, an unidentified major Polygon (MATIC) owner transferred $10.43 million to Binance earlier today, according to Lookonchain. Such transfers by investors with huge capitals, known as whales because of their size, are often associated with subsequent token sales. Interestingly, this whale had previously transferred a similar amount of MATIC to the same crypto exchange exactly two weeks ago, on January 16.
Equally interesting is that in the two days after January 16, the price of the Polygon token dropped by more than 8 percent. A similar development took place in this transfer. MATIC’s token price has dropped almost 6 percent today after more than $10 million in sales by whale.
Despite periodic sales of tens of millions of Polygon tokens, this unknown investor still holds a large amount of MATIC. According to the aforementioned data, in addition to the 9.46 million MATIC stored in the hot wallet, the whale has another 73.3 million tokens locked for staking, which is equivalent to almost $100 million in total. Earlier, cryptocoin.com As we reported, on Sunday, another unidentified whale traded 4.5 million MATIC for DAI at a price of $1.14 per token. MATIC reached its local high of $1.2 that day.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.