$8M in MATIC Moved by Polygon Foundation As POL Migration Nears

The Polygon Foundation, the group behind the Ethereum scaling network Polygon (MATIC), has transferred a whopping $8.1 million in MATIC tokens (16.49 million MATIC) to Binance, the world’s largest crypto exchange, over the past five days. The wallet still holds a substantial 13 million MATIC.

As per the data from Spot On Chain, the Polygon Foundation’s wallet is currently staking 13 million MATIC tokens, valued at $6.78 million. It’s worth noting that all of the entity’s MATIC came from a contract in April 2023 when the price was $1.1. At the time of writing, a single token is priced at $0.5227, down 2.3% in the past 24 hours, according to CoinMarketCap data.

It is important to note that on September 4, the migration of MATIC to POL will take place in a 1:1 ratio. POL has a different tokenomics and a bigger supply which could affect the price of the digital asset as well as the total price of the digital assets staked by Polygon Foundation. The recent MATIC transfer to Binance suggests the entity might be planning to sell some of its holdings before the migration starts.

In the past 24 hours, MATIC’s trading volume fell 38.84% to $283 million, with a market cap of $5.2 billion, making it the 20th largest digital asset by valuation. The altcoin is also significantly down from its all-time high of $2.92, reached on December 27, 2021, during the last bull cycle.

According to the chart from TradingView above, the Relative Strength Index (RSI) of MATIC stands at 59.29, which indicates that bulls are in control of the cryptocurrency’s price action. However, the downward slope of the line suggests that lower prices are a possibility. Meanwhile, Coin Edition’s price prediction suggests MATIC might try to reach $10 in 2030, but it could end up trading at $6.32, still a considerable increase.