Unknown MATIC whale dumps millions of Polygon tokens right before price goes red
According to Lookonchain, an unidentified large holder of Polygon tokens, MATIC, transferred $10.43 million in them to major crypto exchange Binance earlier today. Such transfers by investors with colossal capital, referred to as whales because of their size, are usually associated with the subsequent sale of tokens.
The whale transferred 9M $MATIC($10.43M) to #Binance again 4 hrs ago.
At present, 9.46M $MATIC ($10.96M) is still held in the wallet, and 73.3M $MATIC ($84.9M) is staked.https://t.co/csJsvucXGP pic.twitter.com/HlD7j29I7u
— Lookonchain (@lookonchain) January 30, 2023
Interestingly, this whale had previously transferred a similar amount of MATIC to the same crypto exchange exactly two weeks ago, on Jan. 16. What is equally interesting is that, over the subsequent two days, the price of Polygon token fell by more than 8%.
That is what happened this time too, with MATIC’s token price dropping by almost 6% in a moment after today’s more than $10 million sale by the whale.
Whale affairs with Polygon (MATIC)
Despite periodic sales of tens of millions of Polygon tokens, this unknown investor still holds a large bag of MATIC. According to the data cited, on top of the 9.46 million MATICs stored in the hot wallet, the whale has another 73.3 million tokens locked up in staking, the equivalent of almost $100 million in total.
Recall that earlier, on Sunday, another unidentified large native Polygon token holder also exchanged 4.5 million MATICs for DAI at a price of $1.14 per token. On the same day, MATIC reached its local peak of $1.2 and has now rolled back to $1.11.