IMPORTANT ANNOUNCEMENT.. Altcoin Team Sends Coins to Binance Ahead of Next Week’s Update
An address associated with the Polygon Foundation has deposited more than $8 million worth of MATIC to Binance over the past five days.
According to a post by blockchain analytics platform Spot On Chain, the Polygon Foundation address is still using 13 million MATIC ($6.78 million) for staking purposes.
Is it sending to Binance for sale?
All of the MATIC held in this address associated with the Polygon Foundation was taken from the Polygon Foundation contract in April 2023. The MATIC price was around $1.1 at the time.
According to CoinGecko data, MATIC has gained more than 23 percent in the past seven days, but it is still far below that level. MATIC is changing hands for just over $0.52 at the time of writing.
Although sending tokens to centralized cryptocurrency exchanges is generally interpreted as selling them, the Polygon team did not make a statement about the details of the transaction.
Polygon is preparing for a major update
According to the statement made by Polygon Labs, the MATIC token will be updated to POL on September 4.
After this update, which was first brought to the agenda in July 2023, the main token on Polygon networks will be POL.
Users holding MATIC on Polygon's PoS network do not need to do anything during the update. However, those holding tokens on platforms such as centralized exchanges need to take various steps to update them to POL.
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