Crypto Twitter witnessed a significant event late yesterday as a massive transfer of Polygon’s native token, MATIC, was reported. The transfer amounted to 17,348,370 MATIC (approx $13.25 million) from FalconX to Binance, as detected by the renowned crypto-transaction tracking platform, Whale Alert.
🚨 17,348,370 #MATIC (13,251,367 USD) transferred from #FalconX to #Binancehttps://t.co/ZdaQHmxhF2
— Whale Alert (@whale_alert) July 17, 2023
The report stirred the crypto community and sparked a string of conversations among prominent Twitter analysts, with @Trader_XO, a well-known trader, hinting at a potential downward price movement. The trader provocatively suggested that should MATIC trade at $0.30, the community can expect to see an onslaught of comments from him. Another well-respected analyst, @trader1sz, quickly joined the conversation, promising to further fuel the narrative with additional posts.
Both analysts are famous for their MATIC shorting trading setups, they often predict price dumps for MATIC.
This considerable transfer took place amidst a backdrop of rather interesting events related to FalconX and Celsius. Celsius, a once-popular crypto lending platform, has been transferring significant holdings of multiple cryptocurrencies to FalconX, a digital assets exchange. In early July, Celsius, which filed for Chapter 11 bankruptcy protection, got the green light from a U.S. bankruptcy court to deposit a total of $59.4 million worth of cryptocurrencies into FalconX. The move was speculated to be part of a strategy to liquidate their altcoin holdings for bitcoin (BTC) and ether (ETH).
According to data published by Lookonchain, FalconX initiated the process of depositing various altcoins, including MATIC, on Binance. The move aligns with the speculation that the recently bankrupt Celsius is looking to liquidate their altcoins, further stirring the market sentiment surrounding these tokens.
The rapid growth of the crypto industry during the COVID pandemic led to the advent of numerous crypto lending platforms, including Celsius. However, the current trend shows an alarming rate of bankruptcy filings among these platforms, casting a shadow over the robustness and sustainability of such business models. As these developments unfold, the crypto community remains vigilant, tracking these events and analyzing their potential impact on the broader market.
As the crypto community watches these events unfold, all eyes are now on the potential price movement of MATIC and other altcoins involved in these transactions. While these developments might stir concerns and speculations, they also offer unique insights into the operations of large-scale crypto platforms, further emphasizing the significance of transparency in the crypto sphere.
The price of Polygon (MATIC) is $0.773457 today with a 24-hour trading volume of $307,217,629.34. This represents a -0.26% price decline in the last 24 hours and a 4.02% price increase in the past 7 days. With a circulating supply of 9.3 Billion MATIC, Polygon is valued at a market cap of $7,209,153,118.
