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<p>Recent blockchain data has stirred speculation about the Polygon Foundation’s involvement in the sale of $MATIC tokens. Lookonchain <a href="https://twitter.com/lookonchain/status/1699588206122225742" target="_blank" rel="noopener noreferrer nofollow">noted</a> that an address labeled “Polygon Foundation: 0x8d36” transferred 6 million $MATIC tokens, equivalent to $3.35 million, to the Binance exchange within the last 48 hours.</p> 
<p>Similarly, another address, “Polygon Foundation: 0xf957,” has been seen depositing 4.6 million $MATIC tokens, worth approximately $2.57 million, to Binance over the past month.</p> 
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<h2 class="wp-block-heading" id="official-clarifications-debunking-the-myth">Official Clarifications: Debunking the Myth</h2> 
<p>In response to the growing concerns, the Chief Executive Officer at Polygon Labs issued a <a href="https://twitter.com/0xMarcB/status/1699602856394059994" target="_blank" rel="noopener noreferrer nofollow">statement</a> clarifying that the addresses in question are not associated with the Polygon Foundation.</p> 
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<p>Sandeep Nailwal, the founder of Polygon, also took to <a href="https://twitter.com/sandeepnailwal/status/1699659382160527513" target="_blank" rel="noopener noreferrer nofollow">Twitter </a>to address the issue. He criticized the incorrect labeling by blockchain analytics platforms, specifically mentioning @lookonchain. Nailwal emphasized that this is the second instance of such an error.</p> 
<h2 class="wp-block-heading" id="the-impact-fud-and-community-concerns">The Impact: FUD and Community Concerns</h2> 
<p>Nailwal further cautioned against the dissemination of such misleading information, stating that it generates unnecessary Fear, Uncertainty, and Doubt (FUD) within the Polygon community.</p> 
<p>While the rumors have been officially debunked, the incident serves as a reminder for the crypto community to exercise due diligence and rely on verified information. Mislabeling addresses and drawing hasty conclusions can have a significant impact on market sentiment and investor behavior.</p> 
<p>The $MATIC token recently experienced a bearish breakout from a Rising Wedge pattern and fell below the critical $0.75 level, confirming a downtrend. The price has now reached a $0.50 support level, which previously held up in June.</p> 
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<p>The momentum has turned bullish in the near term, as indicated by a MACD crossover. However, the overall trend remains bearish across all time horizons—short, medium, and long-term. The momentum is mixed; while the MACD line is above the MACD signal line, indicating bullishness, the RSI is below 45, signaling bearishness.</p> 
<p>The nearest support zone for $MATIC is at $0.50, while the resistance zones are at $0.75 and $1.00. Traders are advised to set price alerts at these levels. MATIC shows no major movement in the last 24 hours.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/is-the-polygon-foundation-offloading-matic/">Is the Polygon Foundation Offloading MATIC?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Is the Polygon Foundation Offloading MATIC?

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