Polygon (MATIC) price entered a free fall after the United States Securities and Exchange Commission (SEC) listed it among the ten cryptos identified as securities. Where will prices find support with investors now in panic mode?
MATIC price dropped 15% as the recent SEC court filing against Binance spread negative sentiment across the markets. After an initial sell-off on Monday, panicking investors are now withdrawing their tokens from various DeFi smart contracts. Will the newly unstaked tokens flood the market and trigger more sell-offs in the coming days?
Investors Are Withdrawing Tokens from Smart Contracts
After testing the $0.90 milestone last week, Polygon’s (MATIC) price has been in free fall since Monday. Yet, the selling pressure could increase over the coming days.
An in-depth analysis of the underlying Polygon on-chain data shows that concerned investors have been unstaking their MATIC tokens at an unprecedented rate.
Between May 29 and June 8, MATIC Supply in Smart Contracts dropped from 64.9% to 63.7%. This means that 111.5 million MATIC tokens (1.2% of the total circulating supply) have been unstaked over the past week.
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Author: Ibrahim Ajibade
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