Satoshi

Cardano

Millions

FalconX

Polygon

<p>Seven wallets, likely belonging to a single whale, deposited 19.17 million MATIC tokens worth $9.76 million to FalconX on July 10, 2024. This massive selling occurred at a value of $0.509 per token, resulting in a 42.4% loss for the whale. The transaction has raised concerns about MATIC’s price stability and its future prospects in this market cycle.</p> 
<h2 class="wp-block-heading" id="strong-polygon-s-massive-sell-off-in-detail-strong"><strong>Polygon’s Massive Sell-Off in Detail</strong></h2> 
<p>Analytics firm Spotonchain <a href="https://platform.spotonchain.com/en/signal-details/seven-wallets-deposited-976m-worth-of-matic-to-falconx-at-massive-loss-141504" target="_blank" rel="nofollow">reported the MATIC deposit</a> to FalconX. The transaction involved seven different wallet addresses, all using the same deposit address. This pattern suggests that a single entity controlled these wallets.</p> 
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<p>The deposited tokens were originally withdrawn from Coinbase at a value averaging $0.883. These transactions took place on November 1 and 9, 2023, and March 2, 2024. The estimated cost of acquiring these tokens was $16.93 million.</p> 
<p>By selling at the price of $0.509, the whale has realized a total estimated loss of $7.17 million. This represents a 42.4% decrease in value over an eight-month holding period. Such a loss raises questions about the motivations behind this massive selling.</p>  
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/heres-why-kaspa-kas-is-not-the-next-bitcoin-btc/" target="_blank"><strong><em>Here’s Why Kaspa (KAS) Is Not the Next Bitcoin (BTC)</em></strong></a></p> 
<h2 class="wp-block-heading" id="strong-matic-price-performance-strong"><strong>MATIC Price Performance</strong></h2> 
<p>At press time, <a href="https://www.coingecko.com/en/coins/polygon" target="_blank" rel="nofollow">MATIC trades at $0.5071,</a> with a daily trading volume of $231,101,892. The token has seen a 2.01% uptick in the last day. However, it has had a 9.69% decline over the past week.</p> 
<p>MATIC is among a group of “old school” crypto assets that have struggled to surge in this bull market. Other such tokens include <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="Cardano" data-wpil-keyword-link="linked" target="_blank">Cardano</a> and XRP. These assets have failed to generate gains compared to newer entrants in crypto.</p> 
<p>The whale’s decision to offload millions of MATIC tokens at a substantial loss is concerning. This move suggests a lack of confidence in MATIC’s ability to recover its value soon. Such selling pressure could potentially impact MATIC’s price negatively in the coming days.</p> 
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<p>The post <a href="https://captainaltcoin.com/polygon-whales-offload-millions-at-a-massive-loss-is-matic-price-in-danger/">Polygon Whales Offload Millions At a Massive Loss – Is MATIC Price in Danger?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Polygon Whales Offload Millions At a Massive Loss – Is MATIC Price in Danger?

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