Delisted MATIC Price Plummets as Whales Dump Tokens

Lookonchian reported significant transfers of MATIC tokens indicating a potential dumping trend by whales and institutions. Notably, a whale associated with Robinhood, Jump Trading, and Cumberland has deposited a substantial number of MATIC tokens on various exchanges, raising concerns of a coordinated effort to offload holdings. This activity, coupled with the delisting announcement by Robinhood and the ongoing regulatory scrutiny, has led to a sharp decline in MATIC’s price.

MATIC Token Sell Off

Over the past 15 hours, a prominent whale with links to Robinhood, Jump Trading, and Cumberland has conducted sizable MATIC token transfers across multiple exchanges. The total deposited amount stands at a significant 9.4 million MATIC tokens, with 9 million going to Binance and 5 million tokens to Coinbase. These transactions indicate substantial whale and institutional activity, suggesting a potential coordinated effort to sell off MATIC holdings.

The influx of MATIC tokens onto exchanges by whales and institutions has coincided with a noteworthy price decline. In just 16 hours, the price of token has dropped by approximately 29%. The large-scale selling pressure generated by the deposited tokens has resulted in a swift depreciation of value.

Adding to the already concerning scenario, Whale Alert has reported a substantial transfer of 46,908,173 MATIC tokens, worth approximately $32,595,499, from BinanceUS to an unknown wallet.

Delisting Amid Regulatory Concerns

The sell offs are coming following the Robinhood’s announcement of delisting altcoins after the U.S. Securities and Exchange Commission named them as securities in its lawsuit against Binance. Commission-free trading app Robinhood made the announcement on Friday, June 9, stating that its users won’t be able to trade ADA, SOL, and MATIC from June 27 onwards.

Binance CEO CZ has discussed Altcoin drops in his latest tweet–

In reality, there are many sellers and buyers in a market, everyone may have their own reasons…

2nd narrative: “$1.3b of alts on Robinhood could be…” Me: no idea. You probably know more than me.

The delisted tokens have experienced a period of intense volatility due to the actions of whales and institutions, regulatory concerns, and the delisting announcement by Robinhood. It remains to be seen how these developments will shape the future trajectory of the altcoins.