Polygon whale sells $7.7m of MATIC in one go

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Altcoins
Polygon whale sells $7.7m of MATIC in one go

A polygon whale — cryptospeak for large holder — moved $7.7 million worth of polygon (MATIC) to world’s top cryptocurrency exchange Binance, but there is still a lot more where it came from.

On Jan.8, the whale’s wallet sent nine million MATIC worth about $7.7 million to an address controlled by Binance. Despite the hefty transaction, the address is far from empty and still holds over 27.46 million MATIC worth $23.68 million.

Polygon whale sells $7.7m of MATIC in one go - 1
The whale’s balance chart. | Courtesy of Arkham Intelligence

The whale’s current balance is also far from its November all-time high of $75 million. The address suffered heavy losses during the recent market downturn, sometimes reporting millions of dollars of unrealized losses in a single day.

Polygon whale sells $7.7m of MATIC in one go - 2
The whale’s daily profit and loss chart. | Courtesy of Arkham Intelligence

The whale’s wealth comes from having unstaked 80 million MATIC back in mid-November, only to start gradually moving the funds onto Binance. While the address exclusively deposits to Binance (a total of $49.78 million so far), it has withdrawn a cumulative total of $88.67 million from Crypto.com in addition to $97.52 million from Binance.

As of press time, MATIC is trading at $0.8424 after seeing its price increase by nearly 3.5% over the last 24 hours. The volumes have also been steadily increasing over the trading day, reaching a 24-hour volume of $500 million.

The news follows a recent report that Polygon has overtaken BNB chain (BNB) as the most used smart contract blockchain in terms of transaction volume. Also, world’s top payment network provider Mastercard recently partnered with Polygon to start its web3-focused incubator to support artists in connecting with followers through a new medium.

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Adrian Zmudzinski

Adrian Zmudzinski is a cryptocurrency journalist with over 3,000 articles under his belt. He is passionate about cryptocurrencies, digital rights, information technology and futurology — the things that he likes to cover the most. Adrian previously reported for Cointelegraph and Benzinga.