Despite reaching a six-month high earlier this month, MATIC’s price has entered a bearish trend, experiencing a loss of over 8% in the past seven days and over 3% in the last 24 hours.
🚨🚨 A total of 28M $MATIC ($20.8M) was deposited to exchanges ~6hrs & 5hrs ago, including:
– 20M $MATIC ($14.9M) from whales 0xfef and 0x0b9, to #Binance.
– 8M $MATIC ($5.94M) from #Alameda Research to #OKX and #Coinbase.
Notably,
– All of the above depositors received $MATIC… https://t.co/Q2Y3Etz7Cj pic.twitter.com/xRWeaSHyYh— Spot On Chain (@spotonchain) November 28, 2023
Data sourced from Spotonchain indicates a recent deposit of a total of 28 million $MATIC ($20.8 million) to various exchanges. This includes:
– 20 million $MATIC ($14.9 million) deposited by whales 0xfef and 0x0b9 to Binance.
– 8 million $MATIC ($5.94 million) deposited by Alameda Research to OKX and Coinbase.
Importantly, all the depositors mentioned above received $MATIC from the Polygon Ecosystem Growth. Whales with ticker 0xfef and 0x0b9 were the top two recipients in the $MATIC distribution that occurred on Nov 15, just 13 days ago.
In a noteworthy trend, 43 addresses have collectively deposited 145.6 $MATIC ($124 million), constituting 67% of the Nov 15 distribution. The deposits were made across prominent platforms such as Binance, Coinbase, OKX, Bitfinex, and GalaxyDigital OTC.
217 million $MATIC ($162 million) Movements
2 wallets(receiving $MATIC from #Polygon Ecosystem Growth) deposited 20M $MATIC($14.86M) to #Binance 7 hours ago.
The #Polygon Ecosystem Growth wallet transferred 217M $MATIC($162M) to 70 wallets at the price high on Nov 15.
After that, the price of $MATIC dropped ~22%. pic.twitter.com/Jj4JDZnSZQ
— Lookonchain (@lookonchain) November 28, 2023
Further analysis by Lookonchain reveals that the Polygon Ecosystem Growth wallet transferred 217 million $MATIC ($162 million) to 70 wallets at the price peak on Nov 15. Subsequently, the price of $MATIC witnessed a decrease of approximately 22%.
$MATIC Price Action
Currently, $MATIC is trading at $0.73, reflecting the ongoing bearish sentiment. The intricate relationship between whale activities, ecosystem growth, and market dynamics emphasizes the complexity of factors influencing MATIC’s price movements. Investors and analysts closely monitor such developments to gain insights into the cryptocurrency’s trajectory in the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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