Polygon Whale Deposits $12M In MATIC To Coinbase, Damper For Latest Rally?

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Data shows a Poly­gon whale has deposit­ed $12 mil­lion in MATIC to the cryp­to exchange Coin­base, some­thing that may put a damper on the crypto’s lat­est rally.

Polygon Has Rallied Up By More Than 10% In The Last Seven Days

The past week has seen many top cryp­tos sur­mount bull­ish efforts, and MATIC has been no excep­tion. In fact, the cryp­to has been stronger than most oth­er large coins recently.

At the time of writ­ing, Polygon’s price is trad­ing around $0.926, up 1% in the last 24 hours. Here is a chart that shows the recent trend in the val­ue of the crypto:

Polygon MATIC Price Chart

Looks like the price of the coin has moved sideways following the surge a few days back | Source: MATICUSD on TradingView

As you can see in the above graph, Poly­gon has final­ly climbed on a recov­ery ral­ly dur­ing recent days.

Fol­low­ing this rise, the week­ly gains of the coin float at more than 10%. Out of the cryp­tos with the largest mar­ket caps, only Doge­coin has per­formed bet­ter than MATIC in this peri­od, with the memecoin’s investors see­ing around 15% in profits.

In terms of the month­ly per­for­mance, Poly­gon cur­rent­ly stands in the green as its val­ue has gone up by about 7%.

Polygon Whale Moves 13.4 Million MATIC To Coinbase

One thing that could put a damper on this lat­est bull­ish momen­tum that the cryp­to has gained, how­ev­er, is dump­ing from the whales.

As per data from the cryp­to trans­ac­tion track­er ser­vice Whale Alert, a huge MATIC trans­fer has been spot­ted on the Ethereum blockchain dur­ing the past day.

The trans­ac­tion involved the move­ment of 13,428,828 MATIC, worth more than $12.3 mil­lion at the time of the transfer.

Such large trans­ac­tions usu­al­ly belong to a sin­gle whale, or an enti­ty made up of mul­ti­ple investors. Below are some addi­tion­al details regard­ing the trans­fer that may pro­vide hints about the intent behind it.

Polygon MATIC Whale

This substantial movement of coins seems to have taken a fee of just $0.57 | Source: Whale Alert

It’s appar­ent that the sender in this case was an unknown address, while the receiv­ing des­ti­na­tion was a wal­let attached to the cryp­to exchange Coinbase.

Such trans­fers where coins move from per­son­al (unknown) wal­lets to cen­tral­ized exchange affil­i­at­ed ones are called “exchange inflows.”

One of the main rea­sons investors deposit to these exchanges is for sell­ing pur­pos­es. Thus, large inflows like the one seen dur­ing the past day can be a sign of dump­ing from whales.

If the whale indeed made this trans­fer to Coin­base with sell­ing in mind, then Poly­gon could observe a bear­ish impact from this inflow.

Featured image from Todd Cravens on Unsplash.com, chart from TradingView.com



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