Millions of Polygon (MATIC) shifted to exchange in second largest spike of 2023 MaticNetwork MATIC $MATIC PolygonCommunity PolygonMatic
The recent transfer of 60 million MATIC by a whale, which is one of the largest self-custody Polygon addresses, to an exchange has caused the network's exchange supply to surge to a five-week high of 7.92%.
This event highlights the potential impact of large token transfers by whales on the overall health of the network. While such transfers can be an indication of market activity and liquidity, they can also lead to market volatility and price fluctuations, making it important for investors to exercise caution during such events.
Whales, or large holders, often move their tokens to exchanges when they intend to sell them. It bears mentioning that this particular whale holds self-custody; thus, this might be a potential reason for a large move of tokens. However, it is worth noting that the whale still owns a significant amount of MATIC, with 3.78 billion tokens in its possession.
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