Billionaire Mark Cuban Offloads Polygon (MATIC) Holdings To Coinbase, Price Fell 5%

American billionaire and Bitcoin investor Mark Cuban has unstaked some Polygon (MATIC) tokens and deposited them to crypto exchange Coinbase on Tuesday. The move happens as MATIC price jumps over 10% to hit $0.92, despite the U.S. Securities And Exchange crypto alleged MATIC among other crypto as unregistered securities.

Mark Cuban Moves Polygon (MATIC)

On-chain data platform Spot On Chain noticed a wallet linked to American billionaire Mark Cuban receiving 2.82 million MATIC tokens worth $2.56 million from Polygon PoS Staking address.

He subsequently deposited these unstaked MATIC tokens to the crypto exchange Coinbase on the same day.

On May 24, 2021, Mark Cuban received 2.5 million MATIC tokens from Polygon Ecosystem Growth. He staked these to earn more MATIC.

He has just 16 MATIC tokens in the wallet, along with other crypto such as WETH, ETH, ILV, and BNB. The wallet now has only $3.34k worth of crypto.

Cuban’s holdings have decreased substantially after the SEC lawsuits. He objected to the SEC’s stance on alleging some crypto as unregistered securities. Recently, he joined forces with Elon Musk to present a joint amicus brief to the US Supreme Court case US SEC v. Jarkesy. They challenge the Securities and Exchange Commission’s (SEC) method of conducting in-house trials without juries.

Also Read: Hong Kong Crypto Investors Relying On Short-Term Gains

MATIC Price Pullback From Resistance

MATIC price fell 5% in the last few hours, but is still up 1% in the last 24 hours. The price currently trades at $0.86. The 24-hour low and high are $0.854 and $0.921, respectively. Furthermore, the trading volume has increased by 32% in the last 24 hours, indicating a rise in the interest of traders.

In the 1-hr timeframe, MATIC is trading within the Bollinger bands, above 20-moving average (MA). RSI suggests there is still room for another upside momentum. However, the resistance at $0.92 continues to restrict further upside move.

Also Read: Crypto Market Selloff -Why Bitcoin, ETH, SOL, XRP And Other Crypto Fell Suddenly

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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