Why Investors Should Keep An Eye On MATIC Whale Activity

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• A whale has unstaked 79 million MATIC, which is worth about $65 million.
• Every time this whale has transferred MATIC to Binance, the price of MATIC has dropped.
• MATIC is currently trading hands at $0.8202 after a 4.42% drop in price.

Lookonchian took to Twitter on November 28 to share some information about Polygon (MATIC) and the whale activity surrounding the altcoin at the moment.

MATIC transfers (Source: PolygonScan)

According to the post, a whale is selling MATIC. The whale unstaked 79 million MATIC, which is worth about $65 million, on November 15. The whale then transferred the large amount of MATIC to Binance.

MATIC / USD 14d (Source: TradingView)

This could be something investors should keep an eye on considering the fact that almost every time this whale has transferred MATIC to Binance, the price of MATIC has dropped.

MATIC Network / TetherUS 1D (Source: CoinMarketCap)

This could be the case again as according to the crypto market tracking website CoinMarketCap, MATIC is currently trading hands at $0.8202 after a 4.42% drop in price over the last 24 hours. The altcoin was also able to reach a high of $0.8645 and a low of $0.8115 over the same time period.

The crypto is still, however, still in the green by 1.77% over the last week. Also in the green is MATIC’s 24-hour trading volume which currently stands at $269,290,707 after a more than 39% increase over the last day.

MATIC weakened against Bitcoin (BTC) and Ethereum (ETH) by about 2.02% and 0.54% respectively. With its market cap of $7,171,527,080, MATIC is currently the 10th biggest cryptocurrency in the market in terms of market capitalization. This places MATIC right behind Cardano (ADA) in the 9th position and in front of Polkadot (DOT) in the 11th spot.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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