12 months ago
1 min read
Polygon Exchange Supply Soars Following Whale’s Large Deposit
Polygon (MATIC) has faced ongoing challenges as its exchange supply, specifically, the amount of MATIC tokens stored in centralized exchanges, experienced a significant spike. This surge in supply is largely attributed to a substantial deposit made by a single whale, adding approximately $95 million worth of MATIC to Binance. The increase in the supply of MATIC on exchanges suggests a higher number of coins being deposited, potentially indicating a trend towards selling. This bearish sentiment can exert downward pressure on the cryptocurrency’s value. Conversely, a decrease in exchange supply signifies investors withdrawing their coins, possibly indicating accumulation and presenting a