According to On-Chain data provided by Arkham, a cryptocurrency whale holding a large amount of Polygon (MATIC) tokens has unstacked over $30 million in MATIC in the past hour.
Whale has yet to move the unstacked tokens to any exchange or other wallet, leading to speculation about his intentions.
This isn't the first time the same whale has unstake a significant amount of MATIC. About three weeks ago, it sold off $2.7 million worth of MATIC and sent it to Binance US within five minutes, possibly making a sale.
The whale's total funding is $42 million, of which about $33 million is in MATIC.
Polygon (MATIC) is a layer-2 scaling solution for Ethereum that aims to provide faster and cheaper transactions. Recent months have seen a surge in popularity and adoption, particularly among decentralized applications (DApps) and decentralized finance (DeFi) platforms. MATIC is Polygon's native token used to pay transaction fees and stake on the network.
*Not investment advice.