In a surprising development in the Polygon ecosystem, the Polygon (MATIC) Ecosystem Growth wallet distributed 217 million MATIC altcoins from the project, worth approximately 200 million USD, to 70 recipient addresses. Transactions in the last 24 hours increased speculation and attracted the attention of the crypto community. Here are the details…
Polygon distributed altcoins
According to data from Etherscan, Ecosystem Growth wallet distributed a significant amount of MATIC tokens among 70 addresses. What makes the situation interesting is that most of these addresses received the same amount of MATIC from the Ecosystem Growth wallet about a year ago.
#PeckShieldAlert #Polygon (#Matic): Ecosystem Growth-labeled address distributed ~217.3M $Matic to ~70 addresses pic.twitter.com/2NDZghRpiX
— PeckShieldAlert (@PeckShieldAlert) November 16, 2023
However, a deeper investigation by PeckShieldAlert found that 32 out of 70 receiving addresses quickly transferred a significant portion (82.3 million MATIC tokens, equivalent to approximately 74.9 million USD) to major hubs such as Binance, Coinbase, OKX and Bitfinex. He revealed that he transferred it to stock exchanges (CEX). This development led to expectations of a potential sale, prompting market observers to closely monitor the emerging situation.
What is the price of MATIC?
As a result of these transactions, MATIC’s current trading price decreased marginally by 2% to $0.9185. This comes at a time when the Polygon ecosystem is witnessing significant developments, such as the release of the Chain Development Kit (CDK) and the relaunch of the 110 million MATIC Polygon Village 2.0 funding program. However, large-scale token distribution has taken center stage due to its potential impact on the dynamics of the market.
The speculative nature of these transactions sparked debate within the crypto community, with various stakeholders questioning the motivations behind the sudden movement of such a significant amount of tokens within the Polygon network. As the situation unfolds, market participants are watching with curiosity to see how these events will shape the future of MATIC and its ecosystem.
