Binance Stockpiled MATIC Tokens Worth $43M in a Day! But Why?

• Matic witnessed six whale transactions in the last 24 hours.
• The top transaction is 40,000,000 Matic moved by Binance.

Whale Alert, the cryptocurrency transaction tracker, and analyzer reported that in the last 24 hours, the polygon (MATIC) token witnessed six massive whale transactions.

According to the Whale Alert report, there were 140 million Polygon tokens moved by whales in the last 24 hours. The top transaction of the day is 40,000,000 Matic tokens worth 43,715,778 USD transferred from the Polygon staking to the world’s largest crypto exchange, Binance.

At the start of the day, 30,000,000 Matic worth 32,719,715 USD transferred from an unknown wallet to Polygon staking. And then another 30,000,000 Matic worth 32,809,829 USD transferred from an unknown wallet to the crypto exchange Binance.

Binance Whale Transaction Results in Polygon’s Price

The fourth transaction of the day, again 30,000,000 Matic worth 32,822,196 USD transferred from an unknown wallet to Binance. The Binance continuous whale transaction of Matic raised the question of whether the exchange was planning something to do with the token. And there may be a reason for Binance behind these huge whale transactions.

And then, the fifth transaction 5,000,000 Matic worth 5,499,788 USD transferred from an unknown wallet to the crypto exchange Nexo. Finally, at the day’s end, 5,000,000 Matic worth 5,476,641 USD transferred from the crypto exchange Nexo to the Polygon stake.

Binance’s huge transactions resulted in a price surge for Matic. At the time of writing, the polygon’s trading price is around $1.12, with an increase of 2.60% in the last 24 hours. The trading volume of Matic also surged by 30%, according to CoinMarketCap. Moreover, the improvement and integration in the Polygon network may continue the price surge in the upcoming days.

Source