Is Polygon Co-founder Dumping POL (MATIC) Tokens To Binance?

In an unprecedented development, a Polygon founder-linked wallet was recorded moving heavy amounts of POL (ex-MATIC), sparking discussions among traders and investors globally. The latest on-chain data indicated that nearly 10 million tokens were shifted to the crypto exchange giant Binance, indicating a potential dumping saga by one of the founders. Simultaneously, broader price charts for the crypto underscored an ongoing rally, despite which market participants remain apprehensive in light of the dumping chronicle.

Polygon Founder Wallet Moves Funds To Binance Raising Concerns

According to an X post from Onchain Lens dated December 6, a wallet linked to the Polygon founder shifted 10 million POL, worth $6.97 million, to Binance. Notably, this wallet address was recorded as 0x883….654332.

Further, data flagged that this wallet address received 20 million of the same token, worth $8.09 million, from Polygon three weeks ago. Subsequently, this address deposited all of it into Binance. Moreover, the same address received 50 million tokens, worth $35.79 million, from the founder’s Multisign wallet two days ago. Thereafter, this address sent 10 million POL, worth $7.17 million, into the leading crypto exchange mentioned above.

Overall, these massive dumps to a crypto exchange have raised severe market concerns as they increase the token’s exchange supply, while it could also be for selloff purposes. Also, it’s noteworthy that the wallet holds 30 million tokens worth $20.64 million to date.

How Is The Token Performing?

At the time of reporting, POL price cracked nearly 4% intraday and is currently trading at $0.6820. Its 24-hour low and high were $0.6618 and $0.7188, respectively. Notably, the coin’s slumping action falls in line with the increased exchange supply brought by the abovementioned transaction.

However, weekly and monthly charts for the token illustrated gains worth 17% and 56%, respectively. This broader bullish movement has sparked contradictory sentiments in the wake of the abovementioned dump-like transactions.

Simultaneously, a recent report by CoinGape Media indicated that Polygon whales heavily bought the coin at the $0.44 level. Crypto market watchers expect further gains in light of this metric before a potential selloff kicks in that negatively impacts prices.