Binance, the world’s leading Bitcoin and altcoin exchange, has been the focus of attention for both traders and investors. A notable recent development has been the transfers of Lido DAO (LDO) tokens and its correlation with price action. On the other hand, millions of dollars worth of MATIC transfer has entered the users’ radar. Here are the details…
Big transfer in LDO altcoin project: What’s behind it?
Lido DAO’s LDO token was transferred to Binance by the well-known company Jump Crypto, judging by the on-chain data. A series of transfers has sparked debate among market analysts about what may have led to Jump Trading’s actions and their potential impact on the crypto market. Four days ago, Jump Trading, a proprietary trading company that uses algorithms and cutting-edge technology to trade financial markets, initiated the transfer of LDO tokens to Binance, causing the token price to drop by 10 percent.
About 10 hours ago, another transfer was made, which resulted in a 5 percent drop in the value of the LDO token. These actions by Jump Trading have sparked speculation among market analysts, with some suggesting that the transfers could be an indication of selling LDO holdings in anticipation of a price drop. On the other hand, others believe the transfers could be part of a larger strategy to accumulate LDO at a lower price.
Whatever the reasoning behind Jump Trading’s transfers, it’s a PSA for crypto investors: The crypto market is highly volatile and the price of LDO has dropped 15 percent in just four days after enjoying an impressive bull run.
A large amount of MATIC also went to Binance
On the other hand, an unidentified major Polygon (MATIC) owner transferred $10.43 million to Binance earlier today, according to Lookonchain. Such transfers of investors with huge capital, referred to as whales because of their size, are often associated with subsequent token sales. Interestingly, this whale had previously transferred a similar amount of MATIC to the same crypto exchange exactly two weeks ago, on January 16.
Equally interesting is that in the two days after January 16, the price of the Polygon token dropped by more than 8 percent. A similar development took place in this transfer. MATIC’s token price has dropped almost 6 percent today after more than $10 million in sales by whale.
The whale transferred 9M $MATIC($10.43M) to #Binance again 4 hrs ago.
At present, 9.46M $MATIC ($10.96M) is still held in the wallet, and 73.3M $MATIC ($84.9M) is staked.https://t.co/csJsvucXGP pic.twitter.com/HlD7j29I7u
— Lookonchain (@lookonchain) January 30, 2023
Despite periodic sales of tens of millions of Polygon tokens, this unknown investor still holds a large amount of MATIC. According to the aforementioned data, in addition to the 9.46 million MATIC stored in the hot wallet, the whale has another 73.3 million tokens locked for staking, which is equivalent to almost $100 million in total. Earlier, cryptocoin.com As we reported, on Sunday, another unidentified whale traded 4.5 million MATIC for DAI at a price of $1.14 per token. MATIC reached its local high of $1.2 that day.
