MATIC Plunges 30%, ADA and SOL Follow!
Major MATIC deposits precede 30% drop, similar trends seen in ADA, SOL.
A substantial influx of Polygon (MATIC) tokens by prominent market participants Jump Trading and Cumberland preceded a near 30% dip, as per blockchain data. Analytics company Lookonchain revealed via tweets that Cumberland moved 9 million MATIC, approximating to $6.3 million, to Binance, and another 5 million MATIC, around $3.5 million, to Coinbase.
It highlighted that Cumberland, Jump Trading, and Robinhood-associated wallets collectively deposited 9.4 million tokens to exchanges.
These transactions presumably resulted in sales on exchanges, driving a swift MATIC price drop in an illiquid market. Similar trends were observed with Cardano (ADA) and Solana (SOL) tokens, both registering a 25% fall in the last 24 hours.
These tokens, implicated as securities in recent SEC filings against Binance and Coinbase, may have influenced the price.
Matrixport, a crypto services firm, warned to anticipate more sales of significant tokens over the weekend.
