MATIC tokens are experiencing a sharp decline in price due to several factors. One of those factors is a report of significant transfers of MATIC tokens among whales and institutions. A whale with connections to Robinhood, Jump Trading, and Cumberland has deposited a considerable amount of MATIC tokens on various exchanges, including Binance and Coinbase. This activity, coupled with Robinhood’s delisting announcement and ongoing regulatory scrutiny, has led to MATIC’s price plummeting.
Over the past 15 hours, this prominent whale has conducted sizable MATIC token transfers across multiple exchanges. The total deposited amount is around 9.4 million MATIC tokens, with 9 million going to Binance and 5 million tokens sent to Coinbase. These transactions suggest a potential coordinated effort by whales and institutions to sell off their MATIC holdings.
The surge of MATIC tokens onto exchanges has coincided with a significant price drop. In just 16 hours, the token’s price has fallen by roughly 29%. Such a rapid depreciation of value might be attributed to the substantial selling pressure generated by the deposited tokens.
Furthermore, Whale Alert reported a massive transfer of 46,908,173 MATIC tokens (worth around $32,595,499) from BinanceUS to an unknown wallet. This development adds to the already concerning situation for MATIC token holders.
These sell-offs come on the heels of Robinhood’s announcement to delist altcoins after the U.S. Securities and Exchange Commission named them securities in its lawsuit against Binance. Robinhood informed users on Friday, June 9, that ADA, SOL, and MATIC trading would cease beginning June 27.
Binance CEO CZ mentioned the altcoin drops in a recent tweet, stating that many sellers and buyers have their own reasons for participating in the market. He also noted that he is unsure about the impact of the $1.3 billion worth of altcoins on Robinhood.
The delisted tokens have experienced extreme volatility due to whale and institutional activities, regulatory concerns, and the delisting announcement by Robinhood. The future trajectory of these altcoins is uncertain, given these ongoing developments.
As with any investment, it is essential to conduct thorough market research before investing in cryptocurrencies. The presented content may include the personal opinion of the author, and it is subject to market conditions. The author and the publication do not hold any responsibility for an individual’s personal financial loss.
Source: Coingape
