Is Polygon Co-founder Dumping POL (MATIC) Tokens To Binance?

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As a seasoned researcher with over two decades of experience in the crypto market, I’ve seen my fair share of ups and downs, whales, and wallet moves that could make even the most stoic of us blink twice. The recent development involving a Polygon founder-linked wallet shifting nearly 10 million POL tokens to Binance has certainly raised eyebrows, and understandably so.

In a surprising turn of events, it’s been observed that a wallet connected to a Polygon founder has transferred significant amounts of POL (formerly known as MATIC), causing buzz among traders and investors worldwide. Recent blockchain data suggests that approximately 10 million tokens were moved to the major cryptocurrency exchange Binance, leading some to speculate about a possible selling spree by one of the founders. Meanwhile, the overall trend for this crypto continues to climb, yet market players express concern due to the potential selling scenario.

Polygon Founder Wallet Moves Funds To Binance Raising Concerns

Based on a post from Onchain Lens dated December 6th, it’s been reported that a wallet associated with the founder of Polygon moved approximately 10 million POL, equivalent to around $6.97 million, to Binance. Importantly, the wallet’s address is 0x883…654332.

As an analyst, I’ve noticed some intriguing transactions. Approximately three weeks ago, a wallet I’m tracking received about 20 million units of a specific token, equating to around $8.09 million from Polygon. This wallet later transferred all of these tokens to Binance. More recently, the same wallet received another 50 million tokens, worth approximately $35.79 million, directly from the founder’s Multisign wallet just two days ago. Subsequently, this address moved 10 million POL, equivalent to $7.17 million, into the well-known crypto exchange.

In summary, these large transfers of cryptocurrency to an exchange have sparked significant market anxiety due to their potential impact on the token’s supply and possible selling activities. Furthermore, it’s important to mention that this wallet currently holds approximately 30 million tokens valued at around $20.64 million.

How Is The Token Performing?

As a crypto investor, I’m reporting that at the time of writing, the price of POL has dropped approximately 4% for the day and is currently sitting at $0.6820. Earlier today, it reached a low of $0.6618 and peaked at $0.7188. It’s worth mentioning that this downward trend aligns with the increased supply on exchanges due to the recent transaction mentioned.

On a weekly basis, the token’s chart shows an increase of 17%. Over a monthly period, that figure rises to 56%. This broad upward trend has stirred mixed feelings among investors, given the recent series of transactions that appear to be similar to a market dump.

At the same time, a recent analysis by CoinGape Media showed that large investors, or “whales,” purchased Polygon coins at around $0.44. Cryptocurrency analysts anticipate more increases in price based on this trend before a possible downturn may occur, potentially leading to reduced prices.

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2024-12-06 17:38