Approximately US$26 million in MATIC, the native token of the Polygon network, has been transferred by bankrupt crypto lender Celsius Network, to exchanges.
The transfer’s timing and scale have prompted speculation among investors and analysts about its potential impact on MATIC’s price.
Large transfers to exchanges often precede selling pressure, which can depress the token’s price. Such movements are closely monitored as they can provide insights into the intentions of major stakeholders and potentially forecast market trends. Celsius Network has not publicly disclosed the intent behind the transaction.
Polygon’s MATIC has been one of the more resilient tokens in a market that has seen its fair share of volatility. The network’s commitment to enhancing Ethereum’s scalability through has earned it a reputation as an important infrastructure project in the blockchain space.
MATIC fell 15.1% over the past seven days leading to 1:30 p.m. ET. It is ranked as the 16th largest cryptocurrency with a market capitalization of over US$7.3 billion, according to CoinGecko data.
Polygon is the fifth most popular blockchain for non-fungible tokens with US$1.42 billion in historic sales volume, according to CryptoSlam data.
