Data shows a Polygon whale has deposited $12 million in MATIC to the crypto exchange Coinbase, something that may put a damper on the crypto’s latest rally.
Polygon Has Rallied Up By More Than 10% In The Last Seven Days
The past week has seen many top cryptos surmount bullish efforts, and MATIC has been no exception. In fact, the crypto has been stronger than most other large coins recently.
At the time of writing, Polygon’s price is trading around $0.926, up 1% in the last 24 hours. Here is a chart that shows the recent trend in the value of the crypto:
Looks like the price of the coin has moved sideways following the surge a few days back | Source: MATICUSD on TradingView
As you can see in the above graph, Polygon has finally climbed on a recovery rally during recent days.
Following this rise, the weekly gains of the coin float at more than 10%. Out of the cryptos with the largest market caps, only Dogecoin has performed better than MATIC in this period, with the memecoin’s investors seeing around 15% in profits.
In terms of the monthly performance, Polygon currently stands in the green as its value has gone up by about 7%.
Polygon Whale Moves 13.4 Million MATIC To Coinbase
One thing that could put a damper on this latest bullish momentum that the crypto has gained, however, is dumping from the whales.
As per data from the crypto transaction tracker service Whale Alert, a huge MATIC transfer has been spotted on the Ethereum blockchain during the past day.
The transaction involved the movement of 13,428,828 MATIC, worth more than $12.3 million at the time of the transfer.
Such large transactions usually belong to a single whale, or an entity made up of multiple investors. Below are some additional details regarding the transfer that may provide hints about the intent behind it.
This substantial movement of coins seems to have taken a fee of just $0.57 | Source: Whale Alert
It’s apparent that the sender in this case was an unknown address, while the receiving destination was a wallet attached to the crypto exchange Coinbase.
Such transfers where coins move from personal (unknown) wallets to centralized exchange affiliated ones are called “exchange inflows.”
One of the main reasons investors deposit to these exchanges is for selling purposes. Thus, large inflows like the one seen during the past day can be a sign of dumping from whales.
If the whale indeed made this transfer to Coinbase with selling in mind, then Polygon could observe a bearish impact from this inflow.
Featured image from Todd Cravens on Unsplash.com, chart from TradingView.com
