Million

Foundation

Polygon

Spot

Coin

<ul class="news-points"> 
 <li><strong>MATIC fell from $0.88 to $0.85 following a $7.75 million sell-off.</strong></li> 
 <li><strong>The ability to defend the $0.85 support might send the token toward $0.95.</strong></li> 
 <li><strong>If buying pressure decreases, bears might pull MATIC down to $0.80.</strong></li> 
</ul> 
<p>The price of <a href="https://coinedition.com/matic-dump-blockchain-firm-accuses-polygon-of-suspicious-transfers/">Polygon (MATIC)</a> slid after the Polygon Foundation sent 9 million tokens worth $7.75 million to Binance on February 13. According to Spot On Chain, the recent transaction was only one of many that have taken place in the last five days.</p> 
<p>In the post published on X, two wallets linked to the Foundation sent a total of 15.5 million to the exchange at an average price of $0.85, just before the latest one.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Wallet 0x57f (linked to <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Polygon</a> Foundation) deposited 9M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$MATIC</a> ($7.75M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Binance</a> ~11hrs ago.<br><br>Overall, there have been 2 wallets linked to the Polygon Foundation depositing 15.5M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$MATIC</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Binance</a> at ~$0.85 ($13.2M) in the past 5 days.<a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$MATIC</a> price slightly dipped after… <a href="https://t.co/byEOI57ldA" target="_blank" rel="nofollow">pic.twitter.com/byEOI57ldA</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1757632475927601656?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">February 14, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Sending large volumes of tokens to exchanges suggests that a participant was selling. Therefore, MATIC, whose price had initially hit $0.88, dropped to $0.85.</p>   
<p>The post <a href="https://coinedition.com/matic-price-prediction-as-polygon-offloads-9-million-tokens/">MATIC Price Prediction as Polygon Offloads 9 Million Tokens</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

MATIC Price Prediction as Polygon Offloads 9 Million Tokens

Coin Edition

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