Polygon (MATIC) Sees 742% Surge in Big Moves as Whales React to New Development

Polygon

Following the most recent governmental crackdown on the cryptocurrency market, whales leapt into action, causing large transactions on the Polygon (MATIC) network to spike by 742%.

The threshold for significant transactions, according to on-chain analytics company IntoTheBlock, is $100,000. It lists $64.44 million as the total amount of major transactions on the Polygon network, an increase of 742% over the previous day.

A rise in this statistic might be the result of a significant amount of buying or selling by this group of holders, whose massive transactions frequently provide a glimpse into the behaviour of whales.

Following the SEC’s lawsuit against the two largest cryptocurrency exchanges, Binance and Coinbase, altcoins are suffering the worst losses. With losses ranging from 5% to 18% in the majority of cryptocurrencies, the whole cryptocurrency market is in the red.

At the time of writing, MATIC’s 24-hour loss was 8.96%, or $0.8. In both the Binance and Coinbase litigation, MATIC was asserted to be a security.

SEC files lawsuit against Binance and Coinbase

The U.S. Securities and Exchange Commission (SEC) sued Coinbase on Tuesday, claiming that the cryptocurrency exchange was operating without SEC registration as a broker, national securities exchange, and clearing agency.

Additionally, it said that Coinbase’s operations fell “squarely within the purview of the securities laws” due to the crypto assets that are made available on its platform.

SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO were among the cryptocurrencies mentioned.

The news that the U.S. Securities and Exchange Commission has filed a lawsuit against Binance and its CEO Changpeng “CZ” Zhao for allegedly violating federal securities laws shocked the cryptocurrency market on Monday.

Solana, Cardano, Polygon, COTI, Algorand, Filecoin, Cosmos, The Sandbox, Axie Infinity, and Decentraland are allegedly securities, according to the SEC.

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