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.
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.
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.
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.
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.
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.
Despite this, POL has been on a positive trend with over 24% increase over the last week and 56% over the past month.
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.
Also Read: Ethereum Crosses $4,000 for Second Time This Year
