You have incorrectly labelled this wallet. It is not a Polygon Foundation wallet.
— Marc Boiron (@0xMarcB) September 7, 2023
Commenting under the post of monitoring company Lookonchain, the CEO of Polygon Labs, Marc Boiron, clarified that the address selling MATIC does not come from the Polygon Foundation.
A few hours ago, Lookonchain reported that two Polygon Foundation addresses deposited 10.6 million MATICs into Binance within a month, worth about $5.92 million.
Specifically, the Address marked as Polygon Foundation 0x8d36 sent 6 million MATIC (worth about $3.35 million) to Binance in the past 2 days. Another address, labeled Polygon Foundation 0xf957, has deposited 4.6 million MATIC (worth approximately $2.57 million) to Binance in the past 30 days.
Following Marc Boiron’s confirmation, Lookonachian said the labeling of wallet addresses was taken from the famous on-chain data analysis tool Nansen with a data warehouse containing millions of labeled wallets. These labels help classify wallets based on characteristics such as earning a lot of profit from NFTs, airdrops or even being associated with each organization.
Labels from Nansen. pic.twitter.com/AKYFQ1dlhe
— Lookonchain (@lookonchain) September 7, 2023
Although Polygon has denied the sale of MATIC, the massive transfer of these tokens to exchanges by investors shows that they are slowly losing confidence in the project as the price of MATIC is down 80.85% from its all-time high.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
