Polkadot

when

Polygon

On-chain data shows a Polygon whale has made a sizeable deposit to the cryptocurrency exchange Binance, a sign that may be bearish for MATIC. 
<h2 id="polygon-whale-has-deposited-13-7m-worth-of-matic-to-binance">Polygon Whale Has Deposited $13.7M Worth Of MATIC To Binance</h2> 
According to data from the cryptocurrency transaction tracker service <a href="https://twitter.com/whale_alert/status/1762406764882858061" target="_blank" rel="noopener nofollow">Whale Alert</a>, a massive MATIC transaction has been spotted on the blockchain during the past day. 
The transfer in question involved the movement of 13.1 million MATIC, worth almost $13.7 million in US Dollars, when the transaction went through on the network. Given the large scale of the transfer, it’s likely that a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-surges-to-new-26-month-high-whales-go-parabolic-as-analyst-forecasts-rally-toward-60500/" target="_blank" rel="noopener ">whale</a> entity was responsible for it. 
Whales can be influential beings on the blockchain due to their sheer scale of holdings. As such, their movements can be worth watching, as they may lead to fluctuations in the market or, at the very least, inform us about the sentiment among these humongous entities. 
As for what any such transaction may imply for the market, it comes down to the intent behind it. Below are additional details regarding the latest Polygon whale transfer, which may reveal its context. 
<img loading="lazy" decoding="async" class="alignnone wp-image-577137 size-large aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=860&amp;resize=860%2C432" alt="Polygon Whale Transaction" width="860" height="432" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=1170 1170w, https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=860&amp;resize=860%2C432 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/details_48988b.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
As is visible above, the sending address involved in this Polygon transaction was an unknown wallet. This means the address was unaffiliated with any known centralized platform like an exchange and, thus, was likely to be an investor’s wallet. 
On the other hand, the receiving address was connected to a centralized entity: the cryptocurrency exchange <a href="https://www.newsbtc.com/news/litecoin/litecoin-whale-big-binance-ltcs-3-drop-extend/" target="_blank" rel="noopener ">Binance</a>. Moves like this that go from unknown wallets to exchanges are known as exchange inflows. 
The whale making an inflow to Binance suggests they wanted to use one of the platform’s services, which can include selling. As such, the transaction may prove to be bearish for Polygon’s price if the whale ends up selling their stack. 
<h2 id="matic-is-behind-market-with-only-1-surge-today">MATIC Is Behind Market With Only 1% Surge Today</h2> 
Whereas the rest of the cryptocurrency market has been racing up in the past day, led by Bitcoin’s strong surge towards $57,000, Polygon has lagged as the asset has only been able to see an uplift of 1% in the last 24 hours. 
The below chart shows how the coin has performed in the last few days. 
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/OeerFaPG/" alt="Polygon Price Chart" width="1534" height="854"> 
However, Polygon’s returns of around 7% over the past week aren’t too far off from Bitcoin’s 9% profits in the same period. Still, the relatively poor performance in the past day may be why the whale has potentially decided to sell their large stack. 
Regarding <a href="https://www.newsbtc.com/bitcoin-news/fidelity-director-analyzes-bitcoin-potential-could-it-hit-6-trillion-market-cap/" target="_blank" rel="noopener ">market cap</a>, MATIC is currently the 14th largest coin in the sector, with its closest competitor, Polkadot (DOT), speeding away with its gains of more than 6%. 
<img loading="lazy" decoding="async" class="alignnone wp-image-577139 size-large aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/table_1a722b.png?w=860&amp;resize=860%2C276" alt="Polygon Market Cap" width="860" height="276" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/table_1a722b.png?w=953 953w, https://www.newsbtc.com/wp-content/uploads/2024/02/table_1a722b.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/table_1a722b.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/table_1a722b.png?w=860&amp;resize=860%2C276 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/table_1a722b.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Polygon (MATIC) Whale Makes Large Deposit To Binance, Bearish Sign?

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