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Millions of Polygon's MATIC Sold by Unknown Whale Hours Before Price Fall

Mon, 01/30/2023 - 14:05
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Gamza Khanzadaev
Unknown MATIC whale dumps millions of Polygon tokens right before price goes red
Millions of Polygon's MATIC Sold by Unknown Whale Hours Before Price Fall
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According to Lookonchain, an unidentified large holder of Polygon tokens, MATIC, transferred $10.43 million in them to major crypto exchange Binance earlier today. Such transfers by investors with colossal capital, referred to as whales because of their size, are usually associated with the subsequent sale of tokens.

Interestingly, this whale had previously transferred a similar amount of MATIC to the same crypto exchange exactly two weeks ago, on Jan. 16. What is equally interesting is that, over the subsequent two days, the price of Polygon token fell by more than 8%.

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That is what happened this time too, with MATIC's token price dropping by almost 6% in a moment after today's more than $10 million sale by the whale.

Whale affairs with Polygon (MATIC)

Despite periodic sales of tens of millions of Polygon tokens, this unknown investor still holds a large bag of MATIC. According to the data cited, on top of the 9.46 million MATICs stored in the hot wallet, the whale has another 73.3 million tokens locked up in staking, the equivalent of almost $100 million in total.

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Recall that earlier, on Sunday, another unidentified large native Polygon token holder also exchanged 4.5 million MATICs for DAI at a price of $1.14 per token. On the same day, MATIC reached its local peak of $1.2 and has now rolled back to $1.11.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.