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Billionaire Mark Cuban Offloads Polygon (MATIC) Holdings To Coinbase As Price Rally

Billionaire investor Mark Cuban unstaked and deposited Polygon (MATIC) tokens to Coinbase as MATIC price rally over 30%.
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Billionaire Mark Cuban Offloads Polygon (MATIC) Holdings To Coinbase As Price Rally

American billionaire and Bitcoin investor Mark Cuban has unstaked some Polygon (MATIC) tokens and deposited them to crypto exchange Coinbase on Tuesday. The move happens as MATIC price rally gains momentum, despite the U.S. Securities And Exchange alleged MATIC among other cryptocurrencies as unregistered securities.

MATIC price continued to rally to hit a high of $1.09 after the selloff by Mark Cuban, making a weekly run to 35%.

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Mark Cuban Moves Polygon (MATIC)

On-chain data platform Spot On Chain noticed a wallet linked to American billionaire Mark Cuban receiving 2.82 million MATIC tokens worth $2.56 million from Polygon PoS Staking address.

He subsequently deposited these unstaked MATIC tokens to the crypto exchange Coinbase on the same day.

On May 24, 2021, Mark Cuban received 2.5 million MATIC tokens from Polygon Ecosystem Growth. He staked these to earn more MATIC.

He has just 16 MATIC tokens in the wallet, along with other crypto such as WETH, ETH, ILV, and BNB. The wallet now has only $3.34k worth of crypto.

Cuban’s holdings have decreased substantially after the SEC lawsuits. He objected to the SEC’s stance on alleging some crypto as unregistered securities. Recently, he joined forces with Elon Musk to present a joint amicus brief to the US Supreme Court case US SEC v. Jarkesy. They challenge the Securities and Exchange Commission’s (SEC) method of conducting in-house trials without juries.

Also Read: Hong Kong Crypto Investors Relying On Short-Term Gains

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MATIC Price Rally Above $1

MATIC price rallied over 30% in a week, with the price currently trading at $1.02. The 24-hour low and high are $0.86 and $1.04, respectively. Furthermore, the trading volume has increased by 180% in the last 24 hours, indicating a rise in interest among traders.

 

In the 4-hour timeframe, MATIC is trading within the Bollinger bands, above the 20-moving average (MA). RSI suggests there is still room for another upside momentum. Moreover, the resistance at $0.92 is now a key support level.

Also Read: Crypto Market Selloff -Why Bitcoin, ETH, SOL, XRP And Other Crypto Fell Suddenly

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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