• A Polygon whale has moved $7.7 million worth of MATIC to the Binance cryptocurrency exchange.
• The whale’s wallet has sent over nine million MATIC to an address controlled by Binance.
• MATIC is currently trading at $0.8424, with 24-hour volumes reaching $500 million.
A Polygon whale recently made a significant move, transferring $7.7 million worth of MATIC to the world’s top cryptocurrency exchange Binance. The whale’s wallet sent over nine million MATIC to an address controlled by Binance, with the address still holding over 27.46 million MATIC worth $23.68 million.
The whale’s current balance is far from its November all-time high of $75 million, with the address suffering heavy losses during the recent market downturn. The whale’s wealth has come from having unstaked 80 million MATIC back in mid-November, before gradually moving the funds onto Binance. The address has exclusively deposited to Binance, having a total of $49.78 million sent so far, as well as having withdrawn a cumulative total of $88.67 million from Crypto.com and $97.52 million from Binance.
As of press time, MATIC is trading at $0.8424 after seeing its price increase by nearly 3.5% over the last 24 hours. The volumes have also been steadily increasing over the trading day, reaching a 24-hour volume of $500 million. This news follows a report that Polygon has overtaken BNB chain (BNB) as the most used smart contract blockchain in terms of transaction volume. Additionally, Mastercard has recently partnered with Polygon, allowing its users to benefit from the blockchain’s low fees and fast transfer speeds.
The whale’s move is a strong indication of confidence in the Polygon blockchain, with the whale potentially preparing for a future surge in the price of MATIC. This suggests the whale is expecting more users to purchase MATIC in the near future, driving up the price of the token. It remains to be seen whether this move will pay off in the long run, but it is certainly an interesting development in the world of cryptocurrencies.