Connect with us
Active Currencies 14326
Market Cap $2,557,096,825,717.10
Bitcoin Share 51.71%
24h Market Cap Change $0.29

55 mln MATIC tokens head to Coinbase: What now?

3min Read

The transfer of MATIC tokens worth over $55 million cause concern for these reasons.

55 mln MATIC tokens head to Coinbase: What now?

Share this article

  • Millions of MATIC were sent to Coinbase, but the token resisted a nosedive.
  • If buying momentum heightens and circulation follows, MATIC may hit $1.

In three separate posts on X (formerly Twitter), Whale Alert disclosed that over 55 million Polygon [MATIC] tokens have been sent to the Coinbase [COIN] exchange. The whale tracking handle noted that the transfers were from unknown addresses. 

However, the large volume and quick succession in which the tokens were sent called for concern. Usually, when tokens are sent from external sources into exchanges, there is a high probability that the intention is to sell.

No pressure can pull MATIC down

Furthermore, when it’s a large number, the sell-offs (if eventually done), affect the price negatively. For MATIC, the transactions have not been able to pull down the price. At the time of writing, CoinMarketCap showed that the token exchanged hands at $0.83.

This value represented a 3.09% increase in the last 24 hours and a 63.25% hike within the last 30 days. MATIC’s movement was similar to that of a number of altcoins, which have been heading in the upward direction.

But for the token, there has been a lot of whale activity on the Polygon network even before now. In fact, AMBCrypto discussed how the jump in whale accumulation translated into a surge in the token price.

Using the one-hour MATIC/USD chart, the rising price from $0.78 in the early hours of the 12th of November indicated that there was more buying power than the potential sell-offs. This was also evident in the Accumulation/Distribution (A/D) indicator.

The A/D line hit 1.34 billion, suggesting a strong upward breakout for MATIC. At press time, there has been a slight decline in the token value due to a mild distribution.

However, if the sell orders only last for a short period, and accumulation takes over, MATIC hitting $0.90 might not be out of question.

MATIC price analysis

Source: TradingView

MATIC targets a new high

Besides the A/D, the Moving Average Convergence Divergence (MACD) has also crossed over into the positive region. This movement signals increasing upward momentum, confirming the indications shown by the A/D.

When it comes to circulation, AMBCrypto’s on-chain analysis on Santiment showed that there was a surge in MATIC tokens used between the 5th to the 9th of November. A close look at the price action showed that MATIC jumped from $0.69 to $0.85 during this timeframe.

Read Polygon’s [MATIC] Price Prediction 2023-2024

This was not a case of tokens being released into the circulating supply. So, there was no chance for the value of MATIC to decrease considering the widespread buying in the market. After that, circulation dropped.

MATIC circulation and price action

Source: Santiment

But as of this writing, the number of MATIC circulating on the Polygon network had increased to 119.96 million. Combined with the ongoing accumulation, if the circulation gets back to 9 November levels, a ride to $1 may be on the table for MATIC.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.