- Whale deposits trigger $MATIC plunge: 29% drop in 15 hours.
- Robinhood, Jump Trading, and Cumberland were implicated in massive MATIC deposits.
- MATIC price decline: 24.24% in 24 hours, 34.94% in 7 days
In a surprising turn of events, the Polygon (MATIC) market experienced a sudden downward spiral as whales and institutional players, including Robinhood, Jump Trading, and Cumberland, made substantial deposits totaling 9.4 million MATIC to various exchanges within the past 15 hours. This influx of tokens led to a 29% drop in the price of MATIC, leaving traders and investors in a state of uncertainty, according to Lookonchain data.
— Lookonchain (@lookonchain) June 10, 2023
Over 16 hours, Cumberland alone deposited 9 million MATIC (equivalent to $6.3 million) into Binance, while an additional 5 million MATIC (approximately $3.5 million) found its way into Coinbase. These deposits amounted to a staggering 14 million MATIC (equivalent to $9.8 million) being injected into exchanges, further intensifying the market sell-off.
The repercussions of this sudden influx were swift and significant. The price of MATIC plummeted by approximately 29%, causing concern among market participants. Following analysis from CoinGecko, at the time of reporting, MATIC was valued at $0.586634, registering a 24.24% price decline within the last 24 hours and an even more pronounced drop of 34.94% over the past 7 days. With a circulating supply of 9.3 billion MATIC, the market cap of Polygon currently stands at $5.46 billion.
Traders and investors are now closely monitoring the situation, attempting to discern the motivations behind these substantial deposits and the potential impact on the market. Such movements by whales and institutions often elicit speculation and questions regarding their intentions. It remains to be seen whether this event signifies a more extensive market trend or is an isolated incident.
As the price decline continues, the Polygon market faces uncertainty. Traders and investors are advised to exercise caution and closely evaluate the evolving situation as they make decisions in response to this significant event.