Decentraland

Axie Infinity

Polygon

<figure><img src="https://u.today//sites/default/files/styles/1200x900/public/2023-06/35869.jpg" alt="Cover Image" width="800"
 height="500">
 <figcaption>Cover image via <a href="https://u.today/">U.Today</a></figcaption>
 </figure>Large transactions on the <a href="https://u.today/polygon-matic-records-largest-token-shift-by-whales-on-network-in-2023">Polygon (MATIC)</a> network suddenly rose 742% as whales swooped into action following the latest regulatory crackdown on the cryptocurrency market.<a href="https://app.intotheblock.com/?pid=bitcoin_com&amp;utm_source=bitcoin_com_widget&amp;end_offset=20">IntoTheBlock</a>, an on-chain analytics firm, classifies large transactions as those that exceed $100,000. It gives the volume of large transactions on the Polygon network as $64.44 million, an increase of 742% in the last 24 hours.Large transactions often give an inkling of whales' actions, and a spike in this metric might be due to a large quantity of buying or selling by this category of holders.Altcoins are suffering the biggest losses following the SEC's lawsuit against the biggest crypto exchanges, Binance and Coinbase. The entire cryptocurrency market is in the red, with declines of 5%-18% in most cryptocurrencies.At the time of writing, MATIC was down 8.96% in the last 24 hours to $0.8. MATIC was alleged to be a security in both the Binance and Coinbase lawsuits.<h2 id="sec-files-lawsuit-against-binance-and-coinbase">SEC files lawsuit against Binance and Coinbase</h2>On Tuesday, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, alleging that the crypto exchange was operating as a broker, national securities exchange and clearing agency without registering with the SEC.It also alleged that the crypto assets that Coinbase makes available on its platform put its operations "squarely within the purview of the securities laws."Crypto assets named were SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.<a href="https://u.today/breaking-sec-unleashes-legal-fury-on-binance-and-cz-bnb-plunges">card</a>On Monday, the crypto market was taken aback upon hearing the news that the U.S. Securities and Exchange Commission had sued crypto exchange Binance and its CEO Changpeng "CZ" Zhao for allegedly breaking federal securities laws.The SEC alleged that Solana, Cardano, Polygon, COTI, Algorand, Filecoin, Cosmos, The Sandbox, Axie Infinity and Decentraland are securities.

Polygon (MATIC) Sees 742% Surge in Big Moves as Whales React to New Development

Table of Contents

U_Today

Other articles published on Jun 6, 2023

InQubeta and solana poised for growth in 2023

Apple’s Vision Pro Headset Reveals Swaps Metaverse for ‘Spatial Computing

Former JP Morgan exec discusses future of crypto at Money20/20

Ripple v. SEC Lawsuit About to Sunset, Crypto Lawyer Says It Portends Well for XRP

The Rise and Fall of Crypto Exchanges: A Past 13-Year Review I A Game of Thrones for Cryptocurren...

Shido Wallet - Inbuilt Dex Aggregator

Join our free newsletter for daily crypto updates!