Summary
TLDR: A large amount of Polygon’s MATIC tokens were moved from Hermez Network to Kraken exchange, sparking concerns of a potential sell-off. Despite this, MATIC’s price has seen a slight decline but remains overall positive. The proof-of-stake chain reached a new all-time high in daily active addresses, but there is a decrease in daily transaction volume. Analysts predict a possible correction in MATIC’s value followed by a bullish trend.
Key Points
1. A significant volume of Polygon’s MATIC tokens, worth $2.85 million, was recently moved from a wallet linked to Hermez Network to the cryptocurrency exchange Kraken.
2. Concerns about a potential sell-off of MATIC tokens have arisen due to the transfer to an exchange, although analysts anticipate a correction followed by a bullish impulse in the price.
3. Despite signs of a sell-off, Polygon’s proof-of-stake chain reached a new all-time high of 845,350 daily active addresses, with over 11 million unique addresses created since the beginning of the year.