Polygon Bearish Signal: Whale Deposits $5M In MATIC To Coinbase


Data shows a Polygon whale has deposited $5 million in MATIC to crypto exchange Coinbase, something that may be bearish for the price of the crypto.

Polygon Whale Moves More Than $5 Million In MATIC To Coinbase

As per data from the crypto transaction tracker service Whale Alert, a sizeable amount of MATIC has moved on the Ethereum blockchain in the past day.

The transfer involved the movement of around 5.5 million MATIC, worth around $5.1 million at the time the transaction was made.

Usually, such large transfers belong to either a single whale, or an entity made up of multiple large investors.

Movements from these holders can have noticeable impacts on the market, depending on why they made the transfer.

Here are some additional details about this Polygon whale transaction that may provide hints as to the purpose behind it:

Polygon MATIC Whale Exchange Inflow

This large transfer seems to have taken a fee of just $0.60 to be possible | Source: Whale Alert

As you can see above, the sending address in the case of this Polygon transaction was an unknown wallet. Such wallets are usually personal ones, meaning that they aren’t attached to any known centralized platform.

The destination of these coins, on the other hand, was a wallet belonging to the crypto exchange Coinbase.

Transfers like these that go from personal wallets to exchanges are called “exchange inflows.” One of the main reasons investors deposit their MATIC to such platforms is for selling purposes.

Large inflows from the whales can, therefore, be a sign that these humongous holders are dumping their coins, and could hence have bearish effects on the market.

MATIC has so far held tight during the past day, but if this whale really made the latest inflow to prepare for dumping, then the crypto may observe some downtrend in the coming hours.

Interestingly, Whale Alert has also caught two other whale transfers in the past few hours that are even larger than this one. In total, these transactions have seen more than 110 million MATIC shift on the chain.


However, both of the transfers were made between unknown wallets so it’s hard to say what the intent behind them may have been. It could just be whales switching addresses, and if so, there wouldn’t any significant effects on the market from them.


At the time of writing, Polygon’s price floats around $0.92, up 1% in the last week. Over the past month, the crypto has lost 13% in value.

Polygon MATIC Price Chart

Looks like the value of the crypto has seen some surge during the past day | Source: MATICUSD on TradingView
Featured image from Mike Doherty on Unsplash.com, chart from TradingView.com

#Polygon #Bearish #Signal #Whale #Deposits #MATIC #Coinbase


Related Posts

South Korea to examine crypto staking services following the Kraken case

[ad_1] As reported by a local publication on Feb. 15, Korean financial authorities are looking into the staking services market. However, as the unnamed official specified to…

Elon Musk Hints At New Twitter CEO At End-2023, Causes FLOKI To Skyrocket 45%

[ad_1] Elon Musk announced in December of last year that he will step down as CEO of Twitter once a replacement is found, but will continue to…

Bitcoin eyeing ‘next big move’ which could see $19K retest — analyst

[ad_1] Bitcoin (BTC) is headed to either $28,000 or $19,000 and this week could decide all, fresh analysis says. In Twitter comments on Feb. 15, popular trader…

Messari Analyst Reveals Why Polygon Is Set For Steady Growth

[ad_1] Through his tweet today, Messari analyst Tom Dunleavy singled out Polygon as a top-performing crypto asset and further described traits that set the cryptocurrency for further…

Sequoia Capital, Paradigm among VCs facing ‘tricky’ FTX investor lawsuit

[ad_1] Users of bankrupt crypto exchange FTX have reportedly taken aim at financiers who promoted the platform suggesting their efforts added an “air of legitimacy” to the…

Sen. Warren vows reintroduction of AML bill that extends to DAOs and DeFi

[ad_1] A bi-partisan anti-money laundering (AML) bill that covers “decentralized entities” such as decentralized finance (DeFi) protocols and DAOs will soon be reintroduced to Congress, according to…

Leave a Reply

Your email address will not be published. Required fields are marked *