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Sign of a big Polygon drop ahead? Whale transferred 4.3 million MATIC to Binance

Tanja Nechet

News editor

Feb 13, 2023 at 02:05

A few hours ago, the address transferred 4.3 million native Polygon blockchain network tokens (MATIC) worth about $5 million to cryptocurrency exchange Binance. According to The Data Nerd, these tokens are part of the 120 million MATIC received from Polygon on April 24, 2022.

The last time this same address deposited MATIC on Binance, it caused the coins to plummet from $1.24 to $0.34. It was on April 27, 2022.

Is MATIC’s price in danger?

Quite often (but not always), the transfer of a kitty from a personal wallet to an exchange implies that the investor is preparing to liquidate assets.

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According to an online analysis published by Blockchain Lookonchain, when the whale transferred 9 million MATIC to another wallet on the Binance exchange on January 30, the token’s price dropped nearly 6%. 

On January 16, the same Polygon whale transferred a similar amount of MATIC to an unknown Binance wallet, causing the coin’s value to drop by 8%.

Of course, most cryptocurrencies fell in value on February 13, so it’s hard to say whether Polygon’s (MATIC) 9% decline is the result of the whale’s translation, or rather, the reaction of bidders to its actions.

However, the coin’s price has already dropped from $1.29 to $1.16 and continues to fall. During the day, Polygon’s market capitalization fell almost 10% to $10,125,700,917, while the trading volume jumped 86.97% to $740,579,470.

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