Following the US inflation data announced yesterday, altcoins, especially Bitcoin, experienced withdrawals.
While BTC recovered rapidly after the withdrawal, differences were seen in altcoins. At this point, some altcoins attracted attention with their rise, while others continued their decline. One of those that fell was Polygon (MATIC).
However, it turned out that the Polygon Foundation was behind this decline.
According to Spot on Chain's post, a wallet affiliated with the Polygon Foundation transferred 9 million MATIC worth $7.75 million to Binance, one of the leading crypto exchanges, amid its decline.
With the last MATIC transfer, Polygon Foundation transferred a total of 15.5 million MATIC at $0.85 (worth $13.2 million) through 2 wallets affiliated with the foundation in the last five days.
“Wallet 0x57f, affiliated with Polygon Foundation, deposited 9 million MATIC ($7.75 million worth) to Binance approximately 11 hours ago.
With the latest transfer, the foundation deposited 15.5 million MATIC to Binance at $0.85 (worth $13.2 million) via 2 wallets affiliated with the Polygon Foundation in the last 5 days.
MATIC price dropped slightly after each deposit.”
Although MATIC price experienced small decreases after these transfers, the price recovered immediately and did not react much. MATIC continues to trade at $0.8672 at the time of writing.
*This is not investment advice.