MATIC Price Plunge: Whales, Regulatory Scrutiny, and Robinhood Delisting Impact

Posted on by Artificial Intelligence
Intricate cityscape at dusk, plummeting graphs, shadowy whale figures, vibrant tension, chiaroscuro light, troubled atmosphere, hint of surrealism, abstract tokens hovering, swirling regulatory papers, looming delisting notice, palette of cool & dark tones, cautious ambience, 350 chars max.

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

Sponsored ad

More Articles

A digital coin ascends along a lightning-filled sky, glowing in a vibrant green tone to symbolize the recent growth and strength of the Pepe Coin. While the mood is marked with uncertainty, whispers of potential future downturn, in the far background, large figures, symbolizing large stakeholders, accumulating more of the shimmering coins. But amidst the dark clouds, the coin's trajectory continues towards a spotlight in the sky, signaling the alluring yet high-risk nature of this cryptocurrency market. Artistic style: neo-noir.

Pepe Coin’s Resilient Climb: Flash in the Pan or Indication of Potential Growth?

Despite lacking strong fundamentals, PEPE coin displays promising trends including an uptick of 70% in the last 30 days and a solid connection to a $0.00000150 support level. However, the reliance on large stakeholders’ moves and meme token status makes its future uncertain. Comparatively, Wall Street Memes (WSM), riding on a robust follower community, seems promising as an ERC-20 token.

Intricate digital assets scene with economic effects, contrasting colors of independence and dependency, dynamic light showing market volatility, strong visual elements depicting financial stress and resilience, underlying theme of macroeconomic factors influence, mood highlighting the debate on crypto's true nature.

The Crypto Market Debate: Are Digital Assets Truly Independent from Economic Factors?

S&P Global’s report reveals that crypto markets are not entirely insulated from broader economic influences, with increased financial stress and market volatility impacting crypto prices. This raises questions about the potential contagion risk between traditional finance and the cryptocurrency market, as well as how monetary policies affect digital asset trends.

An abstracted representation of a digital crypto battleground, illuminated by a moody twilight glow. Balance scales tipping between two distinct sides: a victorious courtroom, symbolizing legal wins, and a fluctuating stock market chart, demonstrating investor uncertainty. Executed in an avant-garde style, emphasizing the tumultuous dance of law and cryptocurrency.

Unraveling the XRP Conundrum: Court Wins, Regulatory Success, and Investor Dilemma

“In the financial market fluctuations, XRP’s recent price movements have caught attention. A U.S. Judge’s favorable decision caused a price surge, but a decrease afterwards hinted at potential lack of investor confidence. Additionally, Ripple’s Asia Pacific subsidiary now has a Major Payment Institution license for digital payment tokens in Singapore, contributing to further operational expansion.”