By Mark Ackman
The overall market trend is currently bearish and everyone in the crypto industry is well aware of that. Everyone is aware of the bearish market but the situation has turned worse for the Polygon community.
Several on-chain data analytical firms have revealed a large batch of MATIC has been moved to the Binance crypto exchange. The data has confirmed that a large transaction has been made by a whale.
A MATIC Batch worth $7.8 Million
The latest reports have revealed that a MATIC whale has moved a large batch of MATIC to the Binance cryptocurrency exchange.
As per the estimations, the whale has transferred $7.8 million worth of MATIC into the Binance exchange.
This is a significantly higher transfer for MATIC in comparison with other transactions taking place for the same asset on a regular basis.
For now, the value of MATIC is making no significant moves. It is not moving in the bullish direction so the whale moving the tokens to the Binance exchange points towards two possibilities.
The first possibility is that the whale may either be trying to swap the tokens with a different token. The second possibility might be that the whale may sell the tokens altogether to save further losses.
In both cases, it is going to be an upsetting situation for MATIC. A sellout of such a large quantity of MATIC could prove to be the initiation of a deeper bearish trend.
It may trigger an aggressive selling spree that may pull MATIC’s trading price into a much lower territory than where it is at the moment.
9 Million MATIC have been Transferred
At the time of writing, the total $7.8 million value translates to 9 million MATIC. The information has been gathered and shared by Whale Alert, a crypto transaction tracker service.
It was among the first trackers that reported that a huge transaction had taken place. The particular transaction took place from the Ethereum blockchain as the MATIC was residing on the respective network.
What do the Analysts Expect?
With such a large batch of MATIC being moved from one whale address to the exchange, the analysts are expecting the worst outcome.
According to the analysts, there is a high possibility that the whale may decide to sell the particular batch. If the whale does it, then the selling activity will not remain limited to the particular address.
Other addresses may soon follow the trend and the price of MATIC may continue sliding. There is no telling how low the price of MATIC may fall until the sellers decide to stop but analysts expect the worse.
The trading price of MATIC is already down 4% in the past 24 hours. At the time of writing the trading value of MATIC is at a low of $0.8525. MATIC even lost 5% of its value in the past 7 days.