• Polygon whales have deposited large amounts to Binance today
• The first of these transactions involved the movement of 40 million MATIC, worth about $43.7 million
• A second whale transaction also took place today, involving a transfer of 30 million MATIC ($32.8 million)
Polygon Whales Deposit Large Amounts To Binance
Data shows that approximately $109 million in MATIC has entered into Binance’s wallets during the past day, suggesting that Polygon whales may be selling currently.
First Whale Transaction Involves 40 Million MATIC
According to data from cryptocurrency transaction tracker service Whale Alert, multiple large MATIC movements have been spotted on the Ethereum blockchain during the last few hours. The first of these transactions involved the movement of 40 million MATIC, worth about $43.7 million at the time the transfer went through.
The sheer volume of coins involved in whale transactions can sometimes affect the market. However, it is unclear what impact this transfer may have had on price, as it is not known what purpose was behind it.
Second Whale Transaction Involves 30 Million MATIC
A second whale transaction also took place today, involving a transfer of 30 million MATIC ($32.8 million). This time around, the sending address was attached to a Polygon Staking service while the receiver was a Binance wallet.
Investors often deposit coins into an exchange like Binance for selling purposes – and given that staking services are generally used for long-term investment strategies – this latest deposit could mean that a previously resolute investor is now losing their conviction in the coin and might be planning to sell their stack.
Third Transfer Also Involves Considerable Sum
The third and final transfer from today also had a considerable sum involved – with only about $5 fee to go through on Ethereum Blockchain.
Conclusion
With three large transfers being made today by Polygon whales into Binance wallets – each likely related to selling plans – it appears that they may no longer have faith in their coins’ future value.