MATIC Price To Fall After 20% Surge? On-Chain Data Suggest This
Polygon (MATIC) price has registered a skyrocketing surge of over 43% over the past 30 days. However, positive sentiments emerging for the crypto industry are not the only possible reasons backing the MATIC price surge. On-chain data suggest that a huge whale transaction may have resulted in a price jump here.
Biggest MATIC movement of 2023
As per the Santimet data, the largest MATIC transfer of this year till now took place on January 25. This exchange came just before the recent 20% jump. It mentioned that 59 million MATIC (approx worth $56 million) were sent to the whale address at the bottom price level that day.
It added that the same whale address is also holding 585k Ethereum (approx worth $921 million). ETH is trading at an average price of $1579, at the press time. Ethereum price is up by 31% over the past 30 days.
However, WhaleAlert reported that a wallet tagged as Polygon was caught moving 9.7 million Polygon in multiple transactions. The whale wallet moved around $10.7 million worth of MATIC to an unknown wallet.
Whales to dump Polygon?
As we dig in, data shows that 30 million MATIC were moved in a single transaction. A whale address moved over $34.3 million worth of MATIC to Binance. This move suggests that whale is looking to sell off Polygon at a higher price in order to book more profit.
While whaleStats reported that Polygon landed on the tally of top 10 token used by trading volume among the biggest 500 BSC whales over the last 24 hours.
Polygon’s MATIC price has jumped by around 5% in the last 24 hours. It is trading at an average price of $1.13, at the press time. However, its 24 hour trading volume has taken a hit of 28% to stand at $824 million.
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- BNB Price Forecast: Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
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.
