{"id":7443,"date":"2023-06-07T12:35:40","date_gmt":"2023-06-07T12:35:40","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/polygon-continues-struggle-as-matic-exchange-supply-spikes\/"},"modified":"2023-06-07T12:36:16","modified_gmt":"2023-06-07T12:36:16","slug":"polygon-continues-struggle-as-matic-exchange-supply-spikes","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/polygon-continues-struggle-as-matic-exchange-supply-spikes\/","title":{"rendered":"Polygon Struggles as MATIC Exchange Supply Spikes"},"content":{"rendered":"\n<div>\n<p>Polygon, a cryptocurrency, has faced challenges in the past 24 hours due to a surge in MATIC exchange supply, as per on-chain data.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whale_Deposits_Huge_Stack_Polygon_Exchange_Supply_Spikes\"><\/span>Whale Deposits Huge Stack, Polygon Exchange Supply Spikes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Santiment, a single whale has deposited about $95 million worth of MATIC to Binance in the last  day. The relevant indicator here is the &#8220;supply on exchanges,&#8221; which shows the total percentage of the Polygon circulating supply held in centralized exchange wallets. As a net number of coins enters exchange wallets, the value of the metric rises. This trend is typically bearish for the asset&#8217;s value as investors usually deposit their coins to exchanges for selling purposes. Conversely, downward trends suggest that investors are withdrawing their coins from exchanges, a sign of accumulation, and hence, bullish for the cryptocurrency&#8217;s price.<\/p>\n<p>Supply on exchanges has seen a sharp uptrend and currently stands at approximately 9.43%, indicating that over 9% of the entire circulating supply of the asset is in wallets of exchanges. The rapid increase in exchange supply can be attributed to a single whale who transferred 115.3 million MATIC, or $95.4 million, to Binance.<\/p>\n<p>Some days back, a price crash for MATIC and other digital assets occurred after the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO over alleged fraud. The market has witnessed a rebound since then, but Polygon&#8217;s price has continued to decline due to the massive deposit from the whale responsible for the surge in exchange supply, which may have been made with the intention of dumping.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MATIC_Price\"><\/span>MATIC Price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At present, MATIC trades at around $0.8051, down 9% over the past week.<\/p>\n<p>Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polygon, a cryptocurrency, has faced challenges in the past 24 hours due to a surge in MATIC exchange supply, as per on-chain data. Whale Deposits Huge Stack, Polygon Exchange Supply Spikes According to Santiment, a single whale has deposited about $95 million worth of MATIC to Binance in the last day. The relevant indicator here [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7445,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Polygon Struggles as MATIC Exchange Supply Spikes - Bitrabo","description":"Polygon, a cryptocurrency, has faced challenges in the past 24 hours due to a surge in MATIC exchange supply, as per on-chain data. Whale Deposits Huge Stack, P"},"footnotes":""},"categories":[316],"tags":[623,590,690,689,1201,1583,762],"class_list":["post-7443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-continues","tag-exchange","tag-matic","tag-polygon","tag-spikes","tag-struggle","tag-supply"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=7443"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/7445"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=7443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=7443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=7443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}