- Polygon’s highway to $1 gets a bump in the road amid CeFi distribution.
- MATIC’s real-time on-chain signs turn all red despite soft market correction.
- The Layer-2’s DeFi system is approaching $8bn in total value locked (TVL).
Top Ethereum (ETH) whales are rocking the crypto boat again, as top cryptocurrency whale agencies reported three suspicious transactions on-chain. In a series of simultaneous transfers, one Polygon whale unloaded a whopping 26 million $MATIC tokens on Coinbase, a leading cryptocurrency exchange.
Initially, the whale sent 10,000,000 Polygon (MATIC) tokens worth $7,777,230 at stamped transaction time. The crypto whale topped it up with another nine million coins in the same minute. On top of that, the whale transferred another seven million tokens after four minutes from the initial two on-chain transfers.
Here’s How Polygon Whales Shake Up MATIC’s Landscape
Several hours after the crypto whale-watching agency WhaleAlert spotted the triple whale transaction, Polygon’s Layer-2 native coin $MATIC retested the support levels of $0.75, marking the daily bottom. Shortly after, MATIC rebounded to trade at $0.77.
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Despite the market correction, the altcoin is yet to find strength on the daily charts to approach $0.80, showing an overbought condition in the hourly charts, with the Relative Strength Index (RSI) pointing to 65. Intriguingly, today’s 26M MATIC shift to Coinbase comes just a day after another crypto whale sent 35M MATIC tokens to Binance, dramatically shifting the coin’s on-chain characteristics.
According to the blockchain analytics platform IntoTheBlock, large transactions on the chain dropped by 1.58%, while the ‘In The Money’ metric points to a 17.87% drop in the last 24 hours, even though MATIC’s price changed less than 2% in the same period. Ultimately, this could mean that Polygon has bumped into a high wall with many crypto enthusiasts attempting to take profits or break even at the current price range.
On The Flipside
- While today’s whale movement ended up with over $20 million of MATIC pouring into Coinbase, the current on-chain data shows a $15 million hole between inflows and outflows to cryptocurrency exchanges.
Why This Matters
Polygon is a pioneer in the Zero-Knowledge powered Layer-2s, which also contributes heavily towards adopting Ethereum’s blockchain technology.
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