Polygon Founder-Linked Wallet Moves Millions of POL Tokens to Binance, Sparking Selloff Fears
Highlights
- A wallet linked to a Polygon co-founder transfers a significant amount of POL tokens to Binance.
- The large transactions fuel speculation of a potential selloff.
- POL price faces short-term turbulence, though broader trends suggest optimism.
Polygon Founder Wallet Triggers Concerns With Massive Transfers
In a notable development, a wallet associated with a Polygon (ex-MATIC) co-founder has moved substantial amounts of POL tokens to Binance, raising concerns among traders and investors. According to on-chain data, nearly 10 million POL tokens worth $6.97 million were sent to Binance, sparking speculation of a potential selloff.
The wallet in question, identified as 0x883….654332, has been involved in multiple transactions recently. Three weeks ago, it received 20 million POL tokens worth $8.09 million from Polygon, all of which were subsequently deposited into Binance. Additionally, two days ago, the wallet received 50 million tokens worth $35.79 million from the founder’s Multisign wallet, followed by another deposit of 10 million POL tokens to Binance.
These significant transfers have heightened market concerns as they increase the exchange supply of POL, potentially signaling a selloff. However, it remains unclear whether the transactions are linked to liquidity needs or other strategic purposes. The wallet currently holds 30 million POL tokens valued at $20.64 million.
POL Price Performance Amid Selloff Speculation
POL has seen a 4% intraday drop, trading at $0.6820 with a 24-hour range of $0.6618 to $0.7188. The token’s price decline aligns with the increased exchange supply driven by the large transfers.
Despite the recent dip, weekly and monthly performance charts show gains of 17% and 56%, respectively, highlighting broader bullish momentum. However, these gains have done little to alleviate concerns sparked by the massive wallet transactions.
CoinGape Media recently reported that Polygon whales had accumulated POL at the $0.44 level, suggesting a bullish outlook. Market analysts believe further gains could materialize before any substantial selloff potentially impacts prices negatively.
This development has left market participants divided, balancing the token’s bullish trends against fears of potential sell pressure from the founder-linked wallet.
