Polygon Whales Make Big Moves As $MATIC Price Set To Drop More?

Polygon MATIC News: The crypto ecosystem recently realized the market blues are not away yet with the news of Polygon Labs layoff. The crypto market has been on a slow recovery mode since January 2023, in what was considered as a fresh positive start after a terrible 2023. In this context, it appears that the bears are at play in potential anticipation of further price dip for $MATIC. Traders believe the recent price pattern could lead to further bearish movement for the altcoin.

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Making the announcement in February 2023, the team announced it was reducing staff count by 20%, adding that spending was made on Polygon ecosystem projects, Coingape reported. However, this brought concerns for the MATIC community, which was otherwise bullish about the ecosystem development and new partnerships.

Whales Looking To Buy Cheap?

In what appears to be an attempt to make most out of the potential buy opportunity, the Polygon (MATIC) whales made fresh moves to start the week. The Polygon whale transfers come after a week of heavy losses for the cryptocurrency, marking 12% losses compared to 7 days ago. A massive MATIC bag worth around $15 million was transferred to Binance, in likely anticipation of further price dip. The transfers were made in two spells with a gap of around three hours, as per on chain data.

“2 whales transferred a total of 13.67M $MATIC ($15.3M) to Binance.”

Meanwhile, traders believe the ongoing break down for the altcoin could stretch further to lower levels in next leg. As of writing, the Polygon price (MATIC) stands at $1.13, down 1.40% in the last 24 hours, according to CoinGape price tracker. CoinGape recently signaled chances of MATIC potential downfall leading to 7% dip to reach the $1.05 level.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]