Institutional Investors That Received This Altcoin 10 Days Ago Started Moving It To Central Exchanges

In a significant development, five addresses deposited 21,683,871 MATIC worth $16.09 million to cryptocurrency exchange Binance via GSR Markets in the last two hours.

Interestingly, these MATIC tokens originated from a distribution by Polygon Ecosystem Growth just nine days ago.

On November 16, several private investors received MATIC from Polygon Ecosystem Growth. Since then, 41 out of 70 addresses have deposited a total of 125.6 million MATIC ($109 million), representing 57.8% of the distribution, to various platforms such as Binance, Coinbase, OKX, Bitfinex and Galaxy Digital OTC.

FTX and Alameda addresses had also deposited 22.6 million MATIC ($17.2 million) to Coinbase and FalconX just four days earlier, on November 21, 2023.

The total value of MATIC tokens distributed to private investors on November 16 was $197 million, of which a total of $109 million has been sent to centralized exchanges so far. In MATIC tokenomics, it is seen that 23.33% of the total supply is planned to be transferred to the ecosystem fund.

At its initial launch, MATIC’s maximum supply was set at 10 billion tokens.

*This is not investment advice.

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