Polygon Allocates $200 Million Worth of MATIC to 70 Addresses in Past 24 Hours
In a significant move within the Polygon ecosystem, a staggering 217 million MATIC tokens, valued at approximately $200 million USD, were recently allocated across 70 recipient addresses. These transactions, originating from the labeled Polygon (Matic) Ecosystem Growth wallet, have raised eyebrows and speculation within the crypto community.
Data from etherscan reveals that over the past 24 hours, the Ecosystem Growth wallet disbursed a total of 217 million MATIC tokens among these 70 addresses. Interestingly, most of these addresses had previously received an identical amount of MATIC from the Ecosystem Growth wallet a year ago.
#PeckShieldAlert #Polygon (#Matic): Ecosystem Growth-labeled address distributed ~217.3M $Matic to ~70 addresses pic.twitter.com/2NDZghRpiX
— PeckShieldAlert (@PeckShieldAlert) November 16, 2023
However, investigations conducted by PeckShieldAlert unveiled that among the 70 recipient addresses, 32 swiftly transferred 82.3 million MATIC tokens, equating to approximately $74.9 million USD, to major centralized exchanges (CEX) such as Binance, Coinbase, OKX, and Bitfinex. This move has sparked anticipation of an impending sell-off, triggering market observers to closely monitor the situation.
The current trading price of MATIC stands at $0.9185 USD, marking a marginal 2% decline following this news. While the Polygon ecosystem has recently experienced notable developments like the launch of the Chain Development Kit (CDK) and the reboot of the 110 million MATIC Polygon Village 2.0 funding program, this large-scale token distribution has captured immediate attention due to its potential impact on market dynamics.
The speculative nature of these transactions has fueled discussions about potential motivations behind the sudden movement of such a substantial amount of tokens within the Polygon network.
Read more:
- Former Polygon Labs President Ryan Wyatt Takes On Chief Growth Officer Role At Optimism
- Optimism’s OP Stack Integrates Fault Proof Mechanism On Goerli Testnet