Alarming MATIC movement observed as a wallet identified as Mark Cuban 3 unstaked and deposited 2.826 million MATIC on Coinbase, with an average price of $0.91 per token, according to data from Spot On Chain.
The $2.56 million transaction that took place on December 25th is the most significant movement of the tokens that were obtained on May 24, 2021, from the Polygon Ecosystem Growth. Present combinations point to a possible impending selloff.
Mark Cuban received a total of 2.5 million MATIC from Polygon Ecosystem Growth as of May 24, 2021, and Spot on Chain verified the billionaire staked the tokens to increase his profits. Taking into account the 2.826 million MATIC that was withdrawn, the stake was profitable.
The average price of the Polygon tokens at the time Mark Cuban got them was approximately $1.7, making the received MATIC worth $4.25 million.
If Mark Cuban sells the stash as anticipated, the investment would only be worth $2,460,598.2 at the current price. Despite the coins’ increase, Mark Cuban’s liquidation might result in a loss at this valuation.
This possible liquidation fits in with Mark Cuban’s recent pattern of selling interests in some businesses. He consented to sell the bulk of his NBA team, the Dallas Mavericks, in a historic $3.5 billion deal at the end of November.
Also Read: Mark Cuban’s Wallet Crypto Hacked For $870k Of Assets
