Polygon

<p>A wallet linked to the Polygon founder has been moving a huge amount of POL tokens to Binance, and people are starting to think there might be a potential price drop soon since the crypto has been rising fast in value for a while now.</p> 
<p>According to an X post shared by Onchain Lens today, a wallet address with tag “0x883…654332” moved 10 million POL tokens (worth nearly $7 million) to Binance.&nbsp;</p> 
<p>This wallet seems to have been active for a while. Three weeks ago, it received 20 million POL tokens worth over $8 million from Polygon and moved them to Binance.</p> 
<p>Just two days ago, the wallet got another 50 million POL tokens, worth nearly $36 million, from the founder’s main wallet. Then, 10 million of those tokens were sent to Binance. Right now, the wallet still holds 30 million POL tokens, worth about $20.6 million.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" width="357" height="484" src="https://www.cryptotimes.io/wp-content/uploads/2024/12/Onchain-Lens-shares-large-POL-transfers-linked-to-Polygon-Founders-on-X-2-357x484.png" alt="Onchain Lens shares large POL transfers linked to Polygon Founders on X" class="wp-image-221251">
  <figcaption class="wp-element-caption">
   Source: <a href="https://x.com/OnchainLens/status/1864971932355170775" target="_blank" rel="noreferrer noopener nofollow">X</a>
  </figcaption>
 </figure>
</div> 
<p>All this large volume of transfers is giving signs that more tokens could flood the exchange soon, and there might soon be pressure on the price.&nbsp;</p> 
<p>But for now, Polygon is still performing well. Right now, POL is trading for $0.7, with a 5.9 billion in market cap but a 14% drop today in trading volume to $611 million.</p> 
<p>Despite this, POL has been on a positive trend with over 24% increase over the last week and 56% over the past month.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="860" height="390" src="https://www.cryptotimes.io/wp-content/uploads/2024/12/POLUSD-Price-Chart-860x390.png" alt="POLUSD Price Chart" class="wp-image-221255">
  <figcaption class="wp-element-caption">
   Source: <a href="https://coinmarketcap.com/currencies/polygon-ecosystem-token/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
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<p>Meanwhile, Polygon has been working to strengthen its position in the crypto space. It recently rebranded its MATIC token to POL to better reflect its focus on scalability and governance.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/12/06/ethereum-crosses-4000-for-second-time-this-year/" target="_blank" rel="noreferrer noopener">Ethereum Crosses $4,000 for Second Time This Year</a></p> 
</blockquote>

Polygon Founder Moves 10 million POL Tokens to Binance

The Crypto Times

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