In the midst of the current bearish trend gripping the crypto market, $MATIC has faced a decline of over 5% in the last 24 hours, mirroring the broader market sentiment. Notably, the token’s trajectory has been influenced by substantial movements from key players, namely LayerX Capital and two whales identified as 0x2e9 and 0xdb6.
According to insights from Spotonchain, LayerX Capital and Whales orchestrated a noteworthy move, depositing a substantial 12.53M $MATIC ($11.33M) onto major exchanges such as Binance and Coinbase approximately a day ago.
LayerX Capital, for instance, contributed significantly by depositing 3.62M $MATIC ($3.31M) to Binance at a rate of $0.916. Despite maintaining a stake of 7.18M $MATIC ($6.38M) with Polygon, the venture capital firm incurred an estimated total loss of $17.5M during this period.
LayerX Capital and Whales deposited 12.53M $MATIC ($11.33M) to #Binance and #Coinbase in the past 10 hours.
1. LayerX Capital deposited 3.62M $MATIC ($3.31M) to Binance at $0.916 ~10hrs ago.
– The VC still stakes 7.18M $MATIC ($6.38M) with #Polygon.
– Estimated total loss:… pic.twitter.com/YRr5Lx01ck
— Spot On Chain (@spotonchain) December 10, 2023
Other $MATIC Whale Activity To Watch
Conversely, the combined efforts of whales 0x2e9 and 0xdb6, likely operated by a single individual, resulted in a deposit of 5.27M $MATIC ($4.80M) to Binance at an average rate of $0.91, with an estimated profit of $36.1K. Another noteworthy move came from Whale 0x5d7, depositing 3.64M $MATIC ($3.22M) to Coinbase at $0.886, securing an estimated profit of $521K.
These strategic maneuvers by influential entities within the MATIC ecosystem have added a layer of complexity to the current market dynamics, reflecting both losses and gains. As the crypto community closely watches these developments, the impact on $MATIC’s overall trajectory remains a topic of keen interest.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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