Billionaire investor Mark Cuban has deposited millions of Polygon (MATIC) into Coinbase in what appears to be a liquidation.
according to Based on data from Spot On Chain, a wallet labeled Mark Cuban 3, unstaked and deposited a total of 2,826,000 MATIC to Coinbase at an average price of $0.91 per token.
The transaction, valued at $2.56 million, took place on December 25th and represents the most significant movement of the tokens received from Polygon Ecosystem Growth on May 24, 2021. The current permutation suggests a potential decline is on the way.
Is Mark Cuban playing right?
As of May 24, 2021, Polygon Ecosystem Growth transferred a total of 2.5 million MATIC to Mark Cuban, and Spot On Chain confirms that the billionaire staked the tokens to earn more did. Considering his 2.826 million MATIC withdrawn, he made a profit from staking.
🚨 American billionaire Mark Cuban (@mcuban) Unstake and deposit 2.82M $MATIC ($2.56 million, price: $0.91) #coinbase ~6 hours ago.
Remarkably, he received 2.5 million $MATIC ($4.25 million at the time) #polygon Won Ecosystem Growth on May 24, 2021 and bet to win more $MATIC.
👉 Learn more… pic.twitter.com/vwQiJZkN3O
— Spotonchain (@spotonchain) December 26, 2023
When Mark Cuban received Polygon tokens, the average price was around $1.7, and the value of the MATIC he received was $4.25 million at the time.
If Mark Cuban ultimately decides to sell his stash at current prices, as expected, his investment would be worth just $2,460,598.2. At this valuation, Mark Cuban’s liquidation could incur losses despite the token’s growth.
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Whether the move is a good idea or not, Polygon’s possible liquidation comes at a time when Mark Cuban is largely exiting stakes in some of his businesses.
according to media coveragelate November, Cuba An agreement has been reached to sell a majority stake in the NBA team Dallas Mavericks in a grand deal worth $3.5 billion.
dallas mavericks, under mark cubanadopted Dogecoin (DOGE) and formed a pivotal crypto-centric business.
Effect on polygons (MATIC)
Surprisingly, Polygon (MATIC)’s stock price hasn’t fallen, despite the high probability of a decline. This is likely because the amount of tokens in question is not important enough to have a significant impact on the overall market size of Ethereum Layer 2 scaling solutions.
At the time of writing, MATIC is trading at $0.8708, up 0.93% over the past 24 hours, above its market capitalization. fixed 8,316,903,889 dollars. Notably, the token’s trading volume increased by 30% overnight to $803,317,356.
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