Whale Of This Altcoin Sends $8M Tokens To Binance: Price Reacts!

Altcoins MATIC whale BinanceTransferred approximately $8 million in tokens to . MATIC’s price performance since the beginning of the year has been quite strong as the token has gained notable value thanks to significant purchases from whales and large investors.

MATIC Whale Transfers Millions of Dollars Tokens to Binance Exchange

Another major transaction that took place in the past days was that an unidentified whale moved approximately $ 8 million worth of tokens to Binance.

A MATIC whale transferred 9 million MATIC ($7.6 million) to Binance today.

This whale previously bought MATIC from exchanges and staked a total of 153.4 million MATICs, with an average purchase price of $1.16. It is not clear whether the whale’s transaction with Binance was made with the intent to sell.

a whale of $MATIC transferred 9M $MATIC($7.6M) to #Binance 2 hrs ago.

This whale has been receiving $MATIC from exchanges and staking before, with a total of 153.4M $MATICand the average receiving price is $1.16.https://t.co/wrngXNM16P pic.twitter.com/WosWzGy1qI

— Lookonchain (@lookonchain) January 9, 2023

Volume indicators also do not indicate that any part of the funds moved has been sold. Technically, the market should have no problem absorbing the transferred value.

It is not yet known whether this transfer was made with the effect of the rise in the last days or whether it is a harbinger of a new rise.

Polygon (MATIC) is known for its Proof-of-Stake Layer 1 chain, which is one of the most active chains by transaction count.

Over the past few years, Polygon has developed a relatively new technology that can improve on-chain scalability and privacy, and Vitalik Buterin’s EthereumIt has made several acquisitions and in-house developments in the zero-knowledge area, which it says can be used for its long-term purpose.

At the time of this writing 0.8634 dollars traded at levels.

*Not investment advice.