Chicago-based trading firm Cumberland is transferring millions of native cryptocurrencies from Polygon, MATIC, to Binance and Coinbase. As of June 10, the trading company has transferred $9.8 million MATIC to the two largest cryptocurrency exchanges.
Cumberland moves millions of polygonal tokens
According to web3 data analytics platform Lookonchain, Cumberland transferred 9 million MATIC tokens worth $6.3 million to Binance and another 5 million worth an estimated $3.5 million to Coinbase over the course of 7 hours.
Cumberland transferred the money in six small transactions ranging from 1.5 million to 2 million MATIC.
The move by the cryptocurrency exchange comes amid massive transfers of MATIC tokens, pointing to a possible trend of dumping by whales and institutions.
When Cumberland moved its holdings of MATIC to Coinbase and Binance, another whale reportedly deposited 9.4 million MATIC to the two exchanges.
MATIC TANK
Exacerbating an already alarming situation, Whale Alert, a popular cryptocurrency transaction tracking service, reported a massive transfer of 46,908,173 MATIC tokens, equivalent to roughly $32,595,499 in value. Binance US for an unknown portfolio.
It also adds to the uncertainty surrounding MATIC’s market dynamics and the actions of its influencers.
The influx of MATIC tokens onto exchanges by these entities coincided with a significant drop in the price of the token.
During this period, the value of MATIC fell by about 29%, mainly due to the significant selling pressure generated by these deposited tokens.
The coin initially traded at $0.7882 but ended the period with an exchange of hands at $0.5583 each. data From CoinGecko.
Many observers have blamed the ongoing turmoil in the crypto sector on the US Securities and Exchange Commission (SEC) recently. oppression On Binance and Coinbase.
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The regulator has filed lawsuits against the two exchanges, accusing Binance and its founder, Changpeng Zhao (CZ), of breaching securities rules and misleading investors. The SEC claims that Coinbase is an illegal exchange.
The SEC has also marked several cryptocurrencies, including MATIC, Solana (SOL), and Cardano (ADA), as unregistered securities.