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%.

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

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