Whales Move 13.67M MATIC, Price Drops 2.2%: Is Recovery Possible?

• Two whale accounts transferred 13.67 million MATIC tokens to Binance, worth $15.3 million.
• The Polygon network has seen an increase in gaming activity and a decrease in DeFi activities and Total Value Locked (TVL).
• The MATIC price dropped by 2.20% in the last 24 hours and 34.1% drop in the past 7 days due to lower trading volume, TVL, and revenue generated on the network.

Whales Move 13.67m MATIC Tokens to Binance

Two polygon (MATIC) whale accounts transferred 13.67 million MATIC tokens, worth $15.3 million, to Binance earlier today. The first whale transferred 5 million MATIC tokens, worth $5.6 million, while the second one transferred 8.67 million MATIC worth $9.7million which can be seen on Etherscan both transactions can be seen on Etherscan respectively

MATIC Price Drops by 2.2%

As of the time of writing, MATIC is trading at $1.13 with a 24-hour trading volume of $327,927,313 and a market cap of 10 billion dollars . MATIC has seen a decline of 2.20% in just 24 hours and 12 % for past 7 days .

Increased Gaming Activity & Decreased DeFI Activities

According to a report by Artemis crypto analytics platform ,Polygon network has recently experienced surge in on-chain activity due to increased gaming . It states gaming accounts for 23 %of all transaction made on Polygon network contributing 32 % of all fees during same period . However there is also decrease in DeFi activities and Total Value Locked (TVL). Activity rate fall could have stemmed from decreased dApp activity on Polygone Network as Balancer (BAL) have decreased its activity .The number of active wallets also declined by 16 % last week

Decline In Trading Volume & Total Value Locked

Data from Dune Analytic confirms that there is a decrease in Trading Volume & Total Value Locked (TVL ) operating under Polygon Network from 241 Million Dollars to 185 Million Dollars within one week – leading to 34 % dropin Matice Price which highlights need for recovery & leveraging increased gaming activities

Conclusion

The Polygons Network has witnessed an increase in gaming activities but also decreasing DeFi activites & TVL , leading to decreased trading volume & revenue generated which cause significant drop in Matic price .