Transfer of 9 Million MATIC to Binance Sparks Speculation of Price Drop Below $0.85 on Polygon

A Polygon Foundation-linked Wallet Transfers 9 Million MATIC to Binance Amid Price Drop

In an exhilarating turn of events, a wallet linked to the Polygon Foundation recently transferred 9 million MATIC, the native cryptocurrency of Polygon, to Binance, one of the world’s leading cryptocurrency exchanges, garnering noteworthy attention globally. As per on-chain metrics spotlighted by the tracking platform Spot on Chain, the unknown wallet, 0x57f1ad8d…89a15de3b1, shifted MATIC worth $7.75 million to the CEX mentioned above, slightly pushing the price down, per the data.

Meanwhile, the MATIC price traded in the red today, aligning with the significant offloading of tokens to Binance. Intriguingly, the blockchain tracking platform Whale Alert also highlighted this transfer, although the platform claimed the wallet address was unknown.

MATIC Dumps To Binance: A Recurring Phenomenon

According to the data revealed by Spot on Chain, Polygon’s transfer of MATIC to Binance has become quite prevalent across the vast sea of crypto ever since the above-mentioned wallet address received a staggering 240 million tokens from a Polygon Foundation contract on August 25, 2022. Subsequently, the address has shifted 17 million MATIC to Binance at an average of $0.802 since June 5 last year, to date.

Concerning this, the data provided also sheds light on a substantial 15.5 million MATIC, which was shifted to Binance by two wallets linked to Polygon in the past 5 days. This, additionally, appears to have piqued crypto market traders’ and investors’ interests, as even a previous similar transfer slightly drove the price south.

In the interim, it still holds 218 million coins, worth roughly $186 million, with 210 million kept under Polygon Staking, birthing additional inferences for future dumps and their potential negative impacts on MATIC’s price.

MATIC Price Tumbles

As of writing, MATIC’s price showcased a drop of 1.86% over the past 24 hours and is currently trading at $0.8586. The token’s market cap and 24-hour trading volume also portrayed a decline today, dropping 1.85% and 16.47%, respectively.

Notably, the token’s negative run today appears to be falling in line with the significant offloading mentioned above. However, as per charts by Trading View, the token gradually gained an upward movement eventually as of press time, brushing aside the chances of dipping below the $0.85 mark. However, crypto market fanatics seem to be extensively eyeing the token, as usual market sentiments revolve around a potential price drop following significant dumps to exchanges.