Ethereum

Polygon

Spot

Hermez Network

<p>Polygon holders were left scratching their heads today as Polygon’s native token MATIC faced selling pressure seemingly out of the blue. </p> 
<p>The selloff might came on the heels of <a href="https://x.com/spotonchain/status/1758654529841869165?s=20" target="_blank" rel="nofollow">a report from on-chain analytics platform Spot On Chain</a>, which revealed that wallet address 0xa31 – linked to layer-2 scaling protocol Hermez Network which was acquired by Polygon in 2021 – deposited nearly $3 million worth of MATIC tokens to cryptocurrency exchange Kraken over the past few hours.</p> 
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<p>Hermez Network’s wallet address 0xa31 received close to 20 million MATIC (worth $19 million at the time) from Polygon’s treasury in late January. After today’s deposit, the wallet still holds over 16 million MATIC worth approximately $16 million.</p> 
<p>It appears the entity controlling the wallet is slowly liquidating part of its MATIC holdings, likely exerting selling pressure on the open market with the deposits and subsequent sales on Kraken.</p>  
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<p>With MATIC still held in sizable quantities by this whale address, further token dumps could be forthcoming depending on their motivation for profit-taking. If the address opts to fully liquidate holdings into fiat, MATIC could see protracted weakness until the systemic supply overhang is lifted.</p> 
<p>At pixel time, MATIC changed hands at $0.94, up 2% on the day, the price still hasn’t reacted to what Spot On Chain reported. Traders are advised to keep a close eye on the activities of major token holders like address 0xa31, as their transactions often telegraph short-term price moves as seen today.</p> 
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<p>The post <a href="https://captainaltcoin.com/polygons-matic-price-faces-potential-downturn-due-to-major-holders-sales/">Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales

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