An altcoin project backed by billionaire Mark Cuban is melting down due to inflation. A large amount of altcoins were released that were locked 1 year ago.
A large amount of market is being released from this altcoin project
As part of Polygon’s strategy, 1.4 billion MATICs were released this morning. The specified amount of MATIC tokens went into circulation today. This volume is equal to 10 billion MATIC, or 14% of the total token supply. According to CoinMarketCap data, there are currently 8.035 billion MATICs in circulation. The market capitalization of this amount is over $7 billion at the time of writing.
Polygon co-founder Sandeep Nailwal says that MATIC tokens have been planned and locked for over a year. All of the tokens in circulation today belong to 2015. It is interesting that although the earning period ended in April of this year, the tokens have not yet been claimed. Twitter’s @sandeepnailwal was one of the analysts who commented on the issue. He underlined that this is planned in order to eliminate the perception that the news will only release tokens to the market.
This was a planned movement from the tokens which as per vesting have been unlocked 1 year back. These are staking, foundation treasury etc.
If any doubts, Read more on the announcement.👇👇
One big announcement tomorrow regarding the same🎉✌️ https://t.co/szSaa0P76G https://t.co/yNt5lxkEaa
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) August 1, 2022
The three groupings of 1.4 billion unlocked MATICs are as follows: There are 640 million MATICs in the project. The project team receives 546.6 million MATICs. 200 million MATIC distributed for stake. According to Nailwal, in the coming days, the Polygon team will make an important announcement about MATIC’s qualifying.
MATIC price analysis
MATIC tokens, which will just enter circulation, caused the crypto money market to react. MATIC price lost 6% in a short time. However, it reversed half the loss with buyers coming in from the lower level.
MATIC price now fluctuates between $0.8 and $0.10 per token. MATIC fell nearly 90% to $0.3 from its record high of $2.92 in the last bear market. Then, with the positive news, it started to recover steadily. As a result, MATIC has gained more than 190% since mid-May. MATIC is currently approaching the key $1 resistance level. However, it’s reasonable to wait until we provide more information on unlocked locks.
