Polygon Boosts Ecosystem Expansion with This Strategic Move

16.11.2023 / Payment system news

The Polygon Ecosystem Growth address has distributed 217 million MATIC tokens to approximately 70 addresses within the last 24 hours. This strategic move aims to foster development and expand the ecosystem.

As a result of this token distribution, there has been a slight impact on MATIC’s market price, leading to minor declines.

Polygon Ecosystem Growth 217 Million Distribution

According to etherscan data, approximately 70 wallets were credited with 217 million MATIC, equivalent to around $200 million. Most addresses received a comparable amount of MATIC as part of Polygon’s Ecosystem growth in the previous year.

Based on data and transactional analysis, approximately 82.3 million MATIC, valued at around $75 million, has been deposited into popular centralized exchange networks, including Binance, Coinbase, Bitfinex, and OKX. It is worth noting that 32 of the recipient wallets are centralized exchanges.

Additionally, the data reveals that the five largest recipient wallets received approximately 58.3 million MATIC, totaling $53 million. Notably, wallets receiving such significant amounts hold nearly 27% of the overall MATIC distribution.

Several analysts interpret this distribution as a testament to the growth and development of the Polygon Ecosystem. The funds received contribute to investment support and ecosystem expansion.

This recent distribution follows the announcement by Polygon Village, a sub-branch of Polygon Labs, regarding its plan to issue approximately 110 million MATIC tokens worth around $78 million to builders and developers within the Polygon Ecosystem. Similar to the recent issuance, Polygon’s $78 million grant aims to enhance on-chain activity.

MATIC Price Actions

MATIC has witnessed a decline in performance following the disclosure of the 217 million tokens. According to Coingecko, MATIC has traded negatively in the last 24 hours. The coin experienced a drop from its peak of $0.96 to a 24-hour low of $0.88.

Despite attempting a recovery, MATIC has been unable to reach its highest point in the past 24 hours since the news broke. When writing this report, MATIC is trading at $0.94, indicating a 1.94% decrease in value compared to 24 hours ago.

On the other hand, the overall cryptocurrency market shows a positive trend, with leading assets like BTC and ETH gaining more than 4% in the past 24 hours. Consequently, these recent developments have impacted MATIC’s current negative price movement.

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