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Polygon (MATIC) Records Largest Token Shift by Whales on Network in 2023

Tue, 04/25/2023 - 10:46
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Tomiwabold Olajide
This highlights potential impact of large token transfers by whales
Polygon (MATIC) Records Largest Token Shift by Whales on Network in 2023
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On-chain analytics firm Santiment reports the second largest spike of tokens shifted to exchanges this year, with the recent move of 60 million MATIC tokens.

The recent transfer of 60 million MATIC by a whale, which is one of the largest self-custody Polygon addresses, to an exchange has caused the network's exchange supply to surge to a five-week high of 7.92%.

This event highlights the potential impact of large token transfers by whales on the overall health of the network.

While such transfers can be an indication of market activity and liquidity, they can also lead to market volatility and price fluctuations, making it important for investors to exercise caution during such events.

Whales, or large holders, often move their tokens to exchanges when they intend to sell them. It bears mentioning that this particular whale holds self-custody; thus, this might be a potential reason for a large move of tokens.

However, it is worth noting that the whale still owns a significant amount of MATIC, with 3.78 billion tokens in its possession.

MATIC price action

At the time of writing, MATIC was down 2.26% in the last 24 hours at $0.96, per CoinMarketCap. While MATIC trades under the key $1 level, on-chain analytics firm IntoTheBlock highlights potential support for MATIC where investor interest might pick up.

According to it, over 32,000 addresses bought MATIC at the $0.918 level, making it a potential major support.

Polygon (MATIC) Might Soon See Breakout, Here's Likely Trigger

"MATIC is back under $1. Let's take a look at the on-chain activity: 32.56k addresses purchased MATIC at an average price of $0.918. This suggests that if prices return to those levels, investor interest may pick up once again," IntoTheBlock wrote in its recent analysis.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.