MATIC Plunges 30%, ADA and SOL Follow!

MATIC Plunges 30%, ADA and SOL Follow!

By Miles

10 Jun 2023 (about 1 year ago)

1 min read

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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.

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