Polygon’s Transfer Troubles: Is MATIC Facing A Trust Crisis?
18 Januar 2024 - 11:30PM
NEWSBTC
Recently, the blockchain intelligence firm ChainArgos brought to
light some unsettling findings about the Polygon network. According
to ChainArgos, suspicious transaction patterns have emerged,
raising questions about Polygon’s adherence to its initial token
allocation plan. ChainArgos’ investigation revealed multiple
transactions from Polygon’s network to various exchanges seemed
“questionable.” Particularly, the firm pointed out “anomalies” in
the flow of tokens from Polygon’s vesting contract, which is
responsible for the systematic release of tokens. This contract,
distinct from the foundation contract that governs overall
allocations, displayed inconsistencies in outflow patterns. The
firm’s latest analysis, detailed in a series of posts on X,
scrutinizes the movement of significant quantities of MATIC tokens,
Polygon’s native cryptocurrency. Related Reading: Bombshell Report:
Polygon Team’s Secret MATIC Sales Lead To Depressed Price Concerns
Over Large MATIC Transfers The investigative reports from
ChainArgos delved deeper into the token flows. The firm noted that
a specific wallet received approximately 470 million MATIC from two
sources – the foundation and an insider wallet, particularly 340
million and 170 million, respectively. The largest transfer
identified was linked to a wallet associated with the plasma
bridge, including two additional transactions to untagged wallets.
Adding to the intrigue, ChainArgos observed that a sum of 178
million MATIC was transferred to the prominent exchange Binance,
with the last transaction dated May 23, 2021. These findings were
substantiated by a chart from Etherscan, illustrating the token
movements. 5/ All 178mm were sent from 0x30b7 to binance. Last
transfer 23-May-2021. Check the price chart friends.
pic.twitter.com/iT6CVCOxtz — ChainArgos (@ChainArgos) January 18,
2024 In the wake of these revelations, Polygon’s native token,
MATIC, has experienced significant market turbulence. Over the past
week, the cryptocurrency decreased by exceeding 10%, with a 4.2%
drop in just the past 24 hours. MATIC is valued at $0.81 at the
time of writing, marking a mere 2.5% increase over the past month.
This bearish performance contrasts sharply with the broader altcoin
market, which has generally shown substantial gains during the same
period. The declining market position of MATIC is reflected in its
slide to the 16th rank among cryptocurrencies by market
capitalization. Furthermore, its trading volume has plummeted from
over $1 billion last Thursday to a mere $493 million, indicating a
significant reduction in trading activity. Analysts’ Take On
MATIC’s Future Despite these challenges, some analysts remain
optimistic about MATIC’s prospects. Crypto analyst Ali, for
instance, predicts a potential rebound for MATIC soon. Ali’s
bullish stance is grounded in the TD Sequential indicator, a tool
to pinpoint trend exhaustion and imminent price reversals. Related
Reading: Crypto Analyst Forecasts MATIC Price Recovery With This
16% Swing Ali’s analysis suggests that the TD indicator currently
signals a buy opportunity for MATIC. He contends that if buying
pressure intensifies around its current price levels, MATIC could
experience a notable upswing. #Polygon | The TD Sequential presents
a buy signal on $MATIC 4-hour chart. A spike in buying pressure
around the current levels could see #MATIC rebound, potentially
toward $0.88, and even as high as $0.96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024 His projections point to a
potential climb towards the $0.88 to $0.96 range, translating to an
approximate 16% increase from its current valuation. This
optimistic forecast assumes that Polygon’s underlying technology
and market position can outweigh the recent concerns raised by
ChainArgos’ findings. Featured image from Unsplash, Chart from
TradingView
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