NewsletterPolygon Whales Make Big Moves As $MATIC Price Set To Drop More?
Polygon MATIC News: The crypto ecosystem recently realized the market blues are not away yet with the news of Polygon Labs layoff. The crypto market has been on a slow recovery mode since January 2023, in what was considered as a fresh positive start after a terrible 2023. In this context, it appears that the bears are at play in potential anticipation of further price dip for $MATIC. Traders believe the recent price pattern could lead to further bearish movement for the altcoin.
Also Read: Amazon NFT Marketplace To Reportedly Launch Next Month
Making the announcement in February 2023, the team announced it was reducing staff count by 20%, adding that spending was made on Polygon ecosystem projects, Coingape reported. However, this brought concerns for the MATIC community, which was otherwise bullish about the ecosystem development and new partnerships.
Whales Looking To Buy Cheap?
In what appears to be an attempt to make most out of the potential buy opportunity, the Polygon (MATIC) whales made fresh moves to start the week. The Polygon whale transfers come after a week of heavy losses for the cryptocurrency, marking 12% losses compared to 7 days ago. A massive MATIC bag worth around $15 million was transferred to Binance, in likely anticipation of further price dip. The transfers were made in two spells with a gap of around three hours, as per on chain data.
“2 whales transferred a total of 13.67M $MATIC ($15.3M) to Binance.”
Meanwhile, traders believe the ongoing break down for the altcoin could stretch further to lower levels in next leg. As of writing, the Polygon price (MATIC) stands at $1.13, down 1.40% in the last 24 hours, according to CoinGape price tracker. CoinGape recently signaled chances of MATIC potential downfall leading to 7% dip to reach the $1.05 level.
Also Read: XRP News: Over Half A Billion XRP Shifted By Whales Amid Price Drop
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Hyperliquid Eyes HYPE Token Recovery with Massive Burn Proposal
- Bitcoin Crash Incoming? Peter Schiff Adds to Bearish Warnings as Gold and Silver Rally
- Bitcoin to Drop to $10K? Bloomberg Analyst Makes Bold Prediction
- U.S. Banks May Soon Issue Stablecoins as FDIC Proposes GENIUS Act Framework
- Breaking: U.S. SEC Ends Four-Year Investigation Into Aave Amid Ongoing DAO Saga
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
