Polygon Whales Offload Millions At a Massive Loss – Is MATIC Price in Danger?

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.

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The deposited tokens were originally withdrawn from Coinbase at a value averaging $0.883.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.

Next Big Airdrop?

Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!

Show more +

Read also: Here’s Why Kaspa (KAS) Is Not the Next Bitcoin (BTC)

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.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo