In the past 24 hours, Polygon has transferred a significant amount of funds to 70 addresses, notably believed to be internal wallets of Polygon.
According to etherscan data, a wallet labeled Polygon (Matic): Ecosystem Growth has sent a total of 217 million MATIC tokens (approximately 200 million USD) to 70 addresses in the last 24 hours. Interestingly, most of these addresses received a certain amount of MATIC tokens from the Ecosystem Growth address about a year ago.
Immediately afterward, 32 out of these 70 addresses swiftly transferred 82.3 million MATIC tokens (equivalent to 74.9 million USD) to various centralized exchanges (CEX) such as Binance, Coinbase, OKX, and Bitfinex, likely to sell the tokens, possibly for profit, given the market’s recovery.
Following this news, MATIC experienced a slight fluctuation. At the time of writing, MATIC is trading around $0.92 USD.
Currently, the reason behind Polygon’s token transfer remains unclear. However, there is speculation that the wallets receiving MATIC in the past 24 hours belong to individuals within the project’s internal team, and Polygon might be rewarding its team members.
Recently, the Polygon ecosystem has seen significant developments, such as the launch of the Chain Development Kit (CDK), a partnership with OKX to introduce the Layer2 “X1,” and the relaunch of the 110 million MATIC grant program for Polygon Village 2.0.