Seven wallets, likely belonging to a single whale, deposited 19.17 million MATIC tokens worth $9.76 million to FalconX on July 10, 2024. This massive selling occurred at a value of $0.509 per token, resulting in a 42.4% loss for the whale. The transaction has raised concerns about MATIC’s price stability and its future prospects in this market cycle.
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Polygon’s Massive Sell-Off in Detail
Analytics firm Spotonchain reported the MATIC deposit to FalconX. The transaction involved seven different wallet addresses, all using the same deposit address. This pattern suggests that a single entity controlled these wallets.
The deposited tokens were originally withdrawn from Coinbase at a value averaging $0.883. These transactions took place on November 1 and 9, 2023, and March 2, 2024. The estimated cost of acquiring these tokens was $16.93 million.
By selling at the price of $0.509, the whale has realized a total estimated loss of $7.17 million. This represents a 42.4% decrease in value over an eight-month holding period. Such a loss raises questions about the motivations behind this massive selling.
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MATIC Price Performance
At press time, MATIC trades at $0.5071, with a daily trading volume of $231,101,892. The token has seen a 2.01% uptick in the last day. However, it has had a 9.69% decline over the past week.
MATIC is among a group of “old school” crypto assets that have struggled to surge in this bull market. Other such tokens include Cardano and XRP. These assets have failed to generate gains compared to newer entrants in crypto.
The whale’s decision to offload millions of MATIC tokens at a substantial loss is concerning. This move suggests a lack of confidence in MATIC’s ability to recover its value soon. Such selling pressure could potentially impact MATIC’s price negatively in the coming days.
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