Polygon Whales Drop Millions With Huge Losses – Is MATIC Price In Danger?

Seven wallets, likely belonging to a whale, sent 19.17 million MATIC tokens worth $9.76 million to FalconX on July 10, 2024. This massive sale occurred at worth $0.509 per token, leaving whales with a loss of 42.4%. This transaction has raised concerns about MATIC's price stability and its future prospects during this market cycle.

Details of Polygon's big sell-off

Analytics firm Spotonchain reported the MATIC deposit to FalconX. The transaction involved seven different wallet addresses, all of which used the same deposit address. This pattern suggests that a single entity controls these wallets.

The initially deposited tokens were withdrawn from Coinbase at an average value of $0.883. These transactions took place on November 1 and 9, 2023 and March 2, 2024. The estimated cost to acquire these tokens is $16.93 million.

By selling for $0.509, the whale realized an estimated total loss of $7.17 million. This represents a 42.4% decrease in value over the eight-month holding period. Such losses raise questions about the motives behind this massive sell-off.

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