# Polygon Co-founder Wallet Dumps $7M POL to Binance: Is a Selloff Looming?

By Luis Gochoco

Canonical URL: https://www.tokenpost.com/news/investing/13612
Published: 2024-12-06T18:30:48.000Z
Updated: 2024-12-06T18:30:48.000Z
Section: Investing

> Polygon co-founder wallet sends $7M POL to Binance, fueling selloff fears despite broader market gains.

A Polygon co-founder-associated wallet moved $7 million in POL tokens to Binance, sparking selloff concerns as exchange supply increases. POL saw a 4% intraday dip but remains strong with significant weekly and monthly gains.

Polygon Co-founder Wallet Transfers Spark Concerns

On December 6, an X post from Onchain Lens stated that a wallet associated with the creator of Polygon transferred 10 million POL, which is equivalent to $6.97 million, to Binance. It should be noted that the documented address for this wallet is 0x883….654332.

Additionally, information indicated that three weeks earlier, Polygon sent 20,000,000 of the same coin, valued at $8.09,000,000, to this wallet address. Afterwards, Binance received the entire amount from this address.

In addition, the founder's Multisign wallet sent 50,000,000 tokens (worth $35.79,000,000) to the same address two days earlier. Following that, the top cryptocurrency exchange that was previously mentioned received 10 million POL, which is equivalent to $7.17 million.

POL Price Declines Amid Exchange Supply Spike

Massive deposits to an exchange have spooked investors since they boost the token's supply on the exchange and, possibly, signal a selloff. Notably, the wallet currently has 30,000,000 tokens, valued as $20.64,000,000.

As of this writing, the price of POL has risen to $0.6820, an intraday increase of nearly 4%. It hit a low of $0.6618 and a high of $0.7188 in a 24-hour period. The aforementioned transaction increased the exchange supply, which is consistent with the coin's declining behavior.

Nonetheless, the token's weekly chart showed a rise of 17% and the monthly chart showed a gain of 56%. Following the aforementioned dump-like trades, this broader bullish movement has caused conflicting opinions.

Whale Activity Fuels Optimism Despite Selloff Risks

For the same time, [CoinGape](<http://coingape.com/is-polygon-co-founder-dumping-pol-matic-tokens-to-binance/>) recently reported that Polygon whales purchased the coin in bulk for $0.44. According to those who follow the cryptocurrency market, this indicator suggests that prices will continue to rise until a selloff occurs.

[TokenPost](<https://www.tokenpost.com/>) | info@tokenpost.com



## Links in this article

- [CoinGape](http://coingape.com/is-polygon-co-founder-dumping-pol-matic-tokens-to-binance/)
- [TokenPost](https://www.tokenpost.com)