- Two Polygon Foundation wallet addresses transferred 10.6 million MATIC tokens to Binance.
- Polygon CEO Marc Boiron denied allegations of the foundation’s token sales.
- MATIC’s price dropped 80.78% from its peak, eroding investor trust.
The crypto community has been intrigued by the recent activity of two wallet addresses associated with the Polygon Foundation, which have transferred more than 10.6 million MATIC tokens to the Binance exchange within the last month. This has sparked speculation regarding possible token sales. However, Marc Boiron, the CEO of Polygon, has refuted these claims and disassociated the foundation from such activities.
Lookonchain, a leading crypto intelligence firm, has reported significant transactions from the Polygon Foundation’s wallet addresses to Binance. In the past 48 hours, wallet address 0x8d36 has transferred 6 million MATIC
Reacting to these revelations, Marc Boiron, the Chief Executive Officer of Polygon Labs, dismissed allegations of the foundation’s participation in the sale of MATIC tokens. Boiron’s rebuttal was articulated in response to a post by Lookonchain.
Subsequently, Lookonchain explained that the tag “Polygon Foundation” associated with the wallet addresses was sourced from the esteemed on-chain analytics platform, Nansen. Nansen operates a vast data repository with millions of tagged wallets, facilitating their classification based on diverse attributes. These attributes range from profit generation through NFTs, involvement in airdrops, and association with specific entities.
Nonetheless, Sandeep Nailwal, the founder of Polygon, has warned against hasty categorization, advocating for thoughtful deliberation to prevent unwarranted fear, uncertainty, and doubt (FUD) within the crypto community. Importantly, this represents the second occurrence of incorrect company identification as Polygon.
Polygon (MATIC) Price Movement
Despite Polygon’s immediate refutation of token sales, the significant increase in MATIC token transfers to exchanges by investors suggests a potential erosion of trust in the project. This is happening concurrently with an 80.78% drop in MATIC’s price from its record peak.
Currently, MATIC is trading at a value of $0.5616, reflecting a marginal 24-hour growth of 0.38%. Furthermore, Polygon’s daily trading volume has experienced a single-day surge of 3.32%, amounting to $231 million.
Moreover, the daily trading value of MATIC indicates a positive uptrend, as the current prices are positioned above both the 9-day and 21-day moving averages. Additionally, the Relative Strength Index (RSI) is signaling an oversold condition, a scenario that typically arises when an asset’s trading price has decreased and there is potential for a price rebound.
