Recent blockchain data has stirred speculation about the Polygon Foundation’s involvement in the sale of $MATIC tokens. Lookonchain noted that an address labeled “Polygon Foundation: 0x8d36” transferred 6 million $MATIC tokens, equivalent to $3.35 million, to the Binance exchange within the last 48 hours.
Similarly, another address, “Polygon Foundation: 0xf957,” has been seen depositing 4.6 million $MATIC tokens, worth approximately $2.57 million, to Binance over the past month.
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Official Clarifications: Debunking the Myth
In response to the growing concerns, the Chief Executive Officer at Polygon Labs issued a statement clarifying that the addresses in question are not associated with the Polygon Foundation.
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Show more +Sandeep Nailwal, the founder of Polygon, also took to Twitter to address the issue. He criticized the incorrect labeling by blockchain analytics platforms, specifically mentioning @lookonchain. Nailwal emphasized that this is the second instance of such an error.
The Impact: FUD and Community Concerns
Nailwal further cautioned against the dissemination of such misleading information, stating that it generates unnecessary Fear, Uncertainty, and Doubt (FUD) within the Polygon community.
While the rumors have been officially debunked, the incident serves as a reminder for the crypto community to exercise due diligence and rely on verified information. Mislabeling addresses and drawing hasty conclusions can have a significant impact on market sentiment and investor behavior.
The $MATIC token recently experienced a bearish breakout from a Rising Wedge pattern and fell below the critical $0.75 level, confirming a downtrend. The price has now reached a $0.50 support level, which previously held up in June.
The momentum has turned bullish in the near term, as indicated by a MACD crossover. However, the overall trend remains bearish across all time horizons—short, medium, and long-term. The momentum is mixed; while the MACD line is above the MACD signal line, indicating bullishness, the RSI is below 45, signaling bearishness.
The nearest support zone for $MATIC is at $0.50, while the resistance zones are at $0.75 and $1.00. Traders are advised to set price alerts at these levels. MATIC shows no major movement in the last 24 hours.
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