Data shows billionaire investor Mark Cuban recently withdrew and deposited 2.83 million MATIC on Coinbase, sparking speculation that a significant sale of the assets may occur soon.
According to cryptocurrency on-chain analytics firm Spot On Chain, a wallet linked to Cuban unstaked and moved this stash of Polygon’s native cryptocurrency MATIC on December 25. The transaction was valued at around $2.5 million based on the $0.8753 price per token.
Of note, this activity marks the largest movement thus far of MATIC tokens that Cuban initially received from Polygon’s “Ecosystem Growth Fund” back in May 2021. This transfer and timing have prompted queries into Cuban’s strategy and potential next moves with the tokens.
When initially received in May 2021, the roughly 2.5 million MATIC tokens transferred to Cuban were worth approximately $4.25 million based on MATIC’s $1.70 price at the time.
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Show more +While Cuban gained additional MATIC via staking over those intervening months, he may ultimately be selling at an overall loss from the initial receipt should a liquidation occur at current prices. This has led to debates around whether selling MATIC now makes strategic sense for Cuban’s crypto portfolio.
Despite Cuban’s large MATIC transaction and the likelihood of an ensuing sell-off, the broader Polygon crypto market has shown resilience thus far. MATIC trades slightly up by 2% on the day to $0.87 as of this writing, with aggregate trading volume rising 38% overnight.
Likely, the relatively limited size of Cuban’s MATIC holdings compared to the broader ~$8.3 billion Polygon network dampens any overarching price impact. Nonetheless, analysts watching the asset remain attentive to emerging sell signals, particularly those involving stakes from well-known crypto owners like Cuban.
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