Whale Moves $7.7M in Polygon, Price Increases 3.5% Despite Transaction

• A polygon whale sold $7.7 million of MATIC in one transaction on January 8.
• The whale’s address has sent a total of $49.78 million to Binance and $88.67 million to Crypto.com.
• The price of MATIC has increased by about 3.5% over the last 24 hours and the 24-hour transaction volume is currently around $500 million.

On January 8, a polygon whale — cryptospeak for large holder — moved $7.7 million worth of polygon (MATIC) to world’s top cryptocurrency exchange Binance. The whale’s wallet sent nine million MATIC to an address controlled by Binance and the address still holds over 27.46 million MATIC worth almost $24 million. This is far from the whale’s November all-time high of $75 million.

The whale’s address has mainly been depositing to Binance, depositing a total of $49.78 million so far. In addition, the address has withdrawn a cumulative total of $88.67 million from Crypto.com and $97.52 million from Binance.

The news of the whale’s transaction comes as Polygon has recently overtaken BNB chain (BNB) as the most used smart contract blockchain in terms of transaction volume and Mastercard recently announced a partnership with the platform.

The price of MATIC has increased by about 3.5% over the last 24 hours and the 24-hour transaction volume is currently around $500 million. The market was able to absorb the whale’s massive transaction without any major price movements.

The whale’s activities come as a reminder of the power of large holders in the crypto market and that whales can still make big moves without having a major influence on the market. With the market currently on a bullish trend, it is likely that we will see more big moves from whales in the coming days.