MATIC price dipped to a new 2023 low of $0.50 on Sept 11, days after Binance confirmed it would delist Polygon Network from its NFT Marketplace. On-chain data analysis examines how the recent exchange inflows of 41 million tokens could intensify bearish pressure on MATIC’s price.

On Sept 8, cryptocurrency exchange giant Binance announced that it would discontinue support for the Polygon Network assets on its NFT Marketplace by Sept 26, 2023. Since that announcement, Polygon (MATIC) price has declined by another 10% to hit a new 2023 low. Can whale investors intervene to defend the $0.50 support territory? 

MATIC Holders are Bracing for More Sell Action

The Binance delisting announcement last Friday appears to have further exacerbated massive inflows of MATIC tokens into exchanges. 

On September 2, on-chain data compiled by CryptoQuant shows that Polygon investors held 942.06 million MATIC tokens in exchange wallets. But by September 11, the Exchange Reserves had increased by another 41 million tokens to hit 983.7 million MATIC. 

Notably, about 3.5 million of those new inflows were deposited between September 9 and September 11 after the NFT Marketplace delisting announcement.  

Exchange Reserves tracks the total balances that Polygon investors currently hold in recognized crypto exchange Go to Source to See Full Article
Author: Ibrahim Ajibade

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