A pockets linked to the Polygon founder has been shifting an enormous quantity of POL tokens to Binance, and individuals are beginning to assume there could be a possible value drop quickly because the crypto has been rising quick in worth for some time now.
In accordance to an X submit shared by Onchain Lens in the present day, a pockets deal with with tag “0x883…654332” moved 10 million POL tokens (value almost $7 million) to Binance.
This pockets appears to have been lively for some time. Three weeks in the past, it acquired 20 million POL tokens value over $8 million from Polygon and moved them to Binance.
Simply two days in the past, the pockets bought one other 50 million POL tokens, value almost $36 million, from the founder’s primary pockets. Then, 10 million of these tokens had been despatched to Binance. Proper now, the pockets nonetheless holds 30 million POL tokens, value about $20.6 million.
(*10*)Supply: X
All this huge quantity of transfers is giving indicators that extra tokens might flood the alternate quickly, and there would possibly quickly be strain on the value.
However for now, Polygon continues to be performing properly. Proper now, POL is buying and selling for $0.7, with a 5.9 billion in market cap however a 14% drop in the present day in buying and selling quantity to $611 million.
Regardless of this, POL has been on a constructive pattern with over 24% enhance during the last week and 56% over the previous month.
In the meantime, Polygon has been working to strengthen its place within the crypto house. It just lately rebranded its MATIC token to POL to higher mirror its give attention to scalability and governance.
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