On-chain data shows a Polygon whale has made a sizeable deposit to the cryptocurrency exchange Binance, a sign that may be bearish for MATIC.
Polygon Whale Has Deposited $13.7M Worth Of MATIC To Binance
According to data from the cryptocurrency transaction tracker service Whale Alert, a massive MATIC transaction has been spotted on the blockchain during the past day.
The transfer in question involved the movement of 13.1 million MATIC, worth almost $13.7 million in US Dollars, when the transaction went through on the network. Given the large scale of the transfer, it’s likely that a whale entity was responsible for it.
Whales can be influential beings on the blockchain due to their sheer scale of holdings. As such, their movements can be worth watching, as they may lead to fluctuations in the market or, at the very least, inform us about the sentiment among these humongous entities.
As for what any such transaction may imply for the market, it comes down to the intent be
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