• Polygon has declined by 6% in the last 24 hours due to whales selling and Dogecoin flipping its market cap.
• The asset hit peak value during mid-February but has since been on a downward trend.
• Whale Alert has spotted several large MATIC transfers on the Ethereum blockchain today.
Polygon Price Drops 6%
Polygon (MATIC) has taken another beating in the past day, with prices dropping 6%. This follows a downtrend observed over the past month, flipping its market cap with Dogecoin and being sold by whales.
Polygon’s Historical Performance
At the time of writing, Polygon is trading around $1.05, down 6% in the last 24 hours. A graph showing the trends in its value over the past month can be seen below: Looks like the price of the coin has been going downhill since a while now | Source: MATICUSD on TradingView As displayed in this graph, Polygon hit a peak during mid-February but has since been observing a constant downtrend. The decline had slowed down for some days before accelerating again in the last 24 hours.
Whale Activity Detected
Whale Alert detected several large MATIC transfers from unknown wallets to Binance today which could be linked to Polygon’s declining trend. In contrast, Bitcoin is down 7%, significantly lesser than MATIC’s 13%.
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Conclusion
Overall it looks like Polygon’s performance is not great during March so far and whales have been contributing to this decline by selling off their assets on Ethereum blockchain according to Whale Alert’s data. Despite these unfavorable conditions there are still attractive bonuses offered by various platforms that may provide an opportunity for investors to make profits given they play their cards right!