An enormous amount of MATIC tokens, totaling 196 million ($158M), has just been moved from Binance to the Polygon Staking contract address.
Whale movements within the cryptocurrency scene are significant determinants of market conditions. The sheer magnitude of these transactions can either be a source of panic or elation, depending on the direction.
Consequently, some platforms have been created to keep track of these transactions to keep the community in the know. One such remains, Whale Alert, which notified the community of an enormous transaction involving 196 million MATIC in the early hours of Tuesday. The Whale Alert notification had very limited information on the nature of the transaction, as both addresses involved in the transactions were tagged unknown. This pumped a wave of uncertainty amongst proponents, with someone forecasting an imminent dump.
As a reply, Peck Shield, a top blockchain security company, demystified the transaction to an extent, revealing the nature of the sender and recipient addresses.
“196M $MATIC ($158M) transferred from Binance to Polygon (Matic): PoS Staking Contract,” PeckShieldAlert said in a tweet.
A close look at the transaction hash 0x933de9098f1611885489fb67a06e45eeca3df776c5d048b138da6c37981739e2 on Etherscan affirms the veracity of the transaction. The transaction, which involved 196M MATIC ($158.5M), was carried out on October 11, 5:21:35 AM (UTC).
Additionally, per data from Etherscan, it appears the tokens were transferred from 0xc0999ef916d3517aa46ed4151fdcf60fd2b0ec5c which PeckShieldAlert tagged Binance Intermediary to 0x5e3ef299fddf15eaa0432e6e66473ace8c13d908 labelled Polygon (MATIC): PoS Staking Contract.
PeckShieldAlert’s efforts at demystifying the transaction shared more insight into its nature, and whether or not the community should be concerned. The fact that the tokens were transferred to the Polygon Staking Contract address should influence a sigh of relief amongst many.
Staked MATIC tokens totaling 196M is indicative of investor confidence in the asset, and this could, in turn, serve as crucial support for MATIC’s price action in the near term.
Meanwhile, the price of MATIC currently follows the direction of the broader crypto market, dipping by 2.71% in the past 24 hours. MATIC is changing hands at $0.80 with a 7-day dip of 2.19%.
The majority of the crypto market has seen some slight declines, with ADA and SHIB shedding the most value amongst the top 20 assets, at 7-day dips of 8.5% and 8.8%, respectively.
Despite the dip, MATIC has managed to stay above the 70-cent level. Its price action from here should be supported by the recent wave of positive outlook the Polygon ecosystem is experiencing. Most recently, The Crypto Basic reported Polygon’s launch of its zkEVM Public Testnet, allowing the community to assess the solution before launching it on the mainnet.