- Two wallet addresses wrongly labeled as Polygon Foundation.
- These wallet addresses reportedly deposited 10.6 million MATIC into Binance in the last month.
- Polygon’s CEO, Marc Boiron, has denied any involvement by the Polygon Foundation in selling MATIC tokens.
Two wallet addresses labeled as Polygon Foundation have raised eyebrows within the crypto community by depositing over 10.6 million MATIC tokens into the Binance exchange over the past month. While this has prompted concerns about potential token sales, Polygon’s CEO, Marc Boiron, has denied the report and any involvement by the foundation.
According to data from the crypto intelligence firm Lookonchain, Polygon Foundation wallet address 0x8d36 made substantial deposits totaling 6 million MATIC, equivalent to approximately $3.35 million, into Binance within the past two days. Another wallet, 0xf957, attributed to the Polygon Foundation, transferred 4.6 million MATIC, valued at about $2.57 million, to Binance over the course of the last 30 days.
You have incorrectly labelled this wallet. It is not a Polygon Foundation wallet.
— Marc Boiron (@0xMarcB) September 7, 2023
In response to these findings, Polygon Labs CEO Marc Boiron refuted the claims of the foundation’s involvement in selling MATIC tokens. Boiron’s comments were made in a reply to a post by Lookonchain.
Following that, Lookonchain clarified that the wallet addresses’ labeling as “Polygon Foundation” was derived from the renowned on-chain data analysis tool, Nansen. Nansen maintains a data warehouse containing millions of labeled wallets, helping categorize them based on various characteristics. Including profit generation from NFTs, participation in airdrops, or affiliation with organizations.
However, Polygon’s founder, Sandeep Nailwal, also cautioned against labeling, urging careful consideration to avoid unnecessary FUD within the community. Notably, this marks the second instance of wrongly tagging the firm as Polygon.
Polygon (MATIC) Price Action
Despite Polygon’s swift denial of token sales, the notable surge in MATIC token transfers to exchanges by investors reflects a potential loss of confidence in the project. Coinciding with an 80.78% decrease in MATIC’s price from its all-time high.
However, at the time of writing, MATIC is trading at $0.5616, marking a slight increase of 0.38% within the last 24 hours. Additionally, Polygon’s daily trading volume has seen a 3.32% uptick in a single day, reaching $231 million.
Furthermore, the daily trading price of MATIC suggests a bullish trend, with prices currently situated above the 9 and 21-day cross moving averages, and the RSI indicator signaling an oversold state. This condition typically occurs when an asset has traded lower in price and has the potential for a price bounce.
Will these transaction rumors affect Polygon (MATIC) price? Tweet to us at @The_NewsCrypto and let us know your thoughts.
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