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> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="914" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-914x1024.png" alt="" class="wp-image-439502" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-914x1024.png 914w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-268x300.png 268w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-768x860.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-1371x1536.png 1371w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-1828x2048.png 1828w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-134x150.png 134w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-100x112.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-312x350.png 312w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631-788x882.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-631.png 1198w" sizes="(max-width: 914px) 100vw, 914px">
</figure> 
<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>  
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0">
  <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p>The key? Getting in early, especially during the IDO phase. <strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank">Get in on NuggetRush</a></strong> now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the<strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank"> current ICO prices</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div> 
 </div>
</div> 
<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> 
<p>You may also be interested in:</p> 
<ul> 
 <li><a href="https://captainaltcoin.com/bitcoin-bound-for-150k-these-key-btc-on-chain-metrics-point-to-potential-breakout/" target="_blank" rel="noreferrer noopener">Bitcoin Bound for $150K? These Key BTC On-Chain Metrics Point to Potential&nbsp; Breakout</a></li> 
 <li><a href="https://captainaltcoin.com/how-one-trader-made-150000-with-just-198-ethereum-in-18-hours/" target="_blank" rel="noreferrer noopener">How One Trader Made $150,000 with Just $198 Ethereum in 18 Hours</a></li> 
 <li><a href="https://captainaltcoin.com/avalanche-and-chainlink-climb-impressively-while-investors-anticipate-huge-returns-on-rebel-satoshis-dex-launch/%5C" target="_blank" rel="noreferrer noopener">Avalanche and Chainlink Climb Impressively While Investors Anticipate Huge Returns on Rebel Satoshi’s DEX Launch</a></li> 
</ul> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-nofollow-sponsored-span-check-nuggetrush-nugx-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <span>Check NuggetRush ($NUGX)</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> Buy NUGX Today </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<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

Table of Contents

CaptainAltcoin

Other articles published on Feb 17, 2024

Crypto could learn about whistleblowers from the SEC

Best Crypto to Buy Now February 17 – Polygon, Siacoin, Kaspa

US Senator Warren’s Anti-Cryptocurrency Bill That Could Affect the Industry Suffered a Big Setback

Why Is SUN Coin Price Pumping?

Bitcoin Strives to Cement Gains Above $50,000 as Analyst Predicts Potential Drop

XRP’s Bullish Forecast: Predicted Surge to $5.98 Marks a New Era for Ripple

Join our free newsletter for daily crypto updates!