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- Matic experienced six significant whale transactions in the past 24 hours.
- The largest transaction involved 40,000,000 Matic transferred by Binance.
Whale Alert, a tracker and analyzer of cryptocurrency transactions, indicated that the polygon (MATIC) token saw six substantial whale transactions within the last 24 hours.
As per the Whale Alert report, a total of 140 million Polygon tokens were transferred by whales during this period. The most notable transaction of the day involved 40,000,000 Matic tokens, valued at 43,715,778 USD, moving from Polygon staking to Binance, the largest cryptocurrency exchange globally.
At the beginning of the day, 30,000,000 Matic, valued at 32,719,715 USD, was transferred from an unidentified wallet to Polygon staking. Subsequently, another 30,000,000 Matic, worth 32,809,829 USD, was sent from an unknown wallet to Binance.
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Binance Whale Transaction Impact on Polygon’s Price
The fourth transaction of the day also involved 30,000,000 Matic, valued at 32,822,196 USD, moving from an unidentified wallet to Binance. The ongoing whale transactions involving Matic on Binance raised speculation regarding potential plans the exchange might have for the token. There could be underlying reasons for Binance’s involvement in these significant whale transactions.
Following this, the fifth transaction saw 5,000,000 Matic, valued at 5,499,788 USD, transferred from an unknown wallet to the exchange Nexo. Finally, at the close of the day, another 5,000,000 Matic, worth 5,476,641 USD, was moved from Nexo back to Polygon staking.
The substantial transactions on Binance led to a price increase for Matic. At the time of this report, the trading price of Polygon is approximately $1.12, reflecting a rise of 2.60% over the past 24 hours. Additionally, Matic’s trading volume surged by 30%, according to CoinMarketCap. Furthermore, advancements and integrations within the Polygon network may contribute to continued price increases in the coming days.
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