Nearly 3 million MATIC tokens were sent to Coinbase
Nearly 3 million MATIC tokens were sent to Coinbase
Renowned American investor and billionaire Mark Cuban has placed a portion of Polygon (MATIC) tokens on the cryptocurrency exchange Coinbase.
He placed his MATIC holdings on the exchange as their value rose 10% to $0.92. At the same time, according to regulators, the token belongs to unregistered securities, like many other cryptocurrencies.
This was reported by the platform Spot On Chain, which noted the activity of a wallet associated with Mark Cuban. The transfer from the Polygon PoS Staking address amounted to 2.82 million MATIC tokens, and the total amount of the transaction is determined to be $2.56 million.
After that, the billionaire transferred MATIC tokens to the crypto platform Coinbase, according to CoinGape.
It is known that in 2021, Mark Cuban received 2.5 million MATIC tokens from Polygon Ecosystem Growth. He converted and staked them to increase his MATIC tokens.
Currently, Mark Cuban has 16 MATIC tokens and other crypto assets (WETH, ETH, ILV, and BNB) left in his wallet for a total of only $3.34k.
Cuban's position is to disagree with regulators, and in particular the Securities and Exchange Commission (SEC), which considers most cryptocurrencies to be unregistered securities. Due to the SEC's legal action against the exchanges, Cuban's capital has decreased significantly. He is now supporting Elon Musk and will join him in submitting a joint amicus brief to the U.S. Supreme Court in SEC v. Jarkesy. At the heart of the case is a claim that the SEC's internal litigation processes are not fair.
Elon Musk and Mark Cuban, as business representatives, jointly filed an amicus brief with the Supreme Court challenging the SEC's method of conducting internal litigation without a jury, arguing that such administrative proceedings result in unequal outcomes for the SEC's adversaries.
MATIC's price dropped 5% in a few hours, but has already started to recover and is up 3% in 24 hours. Currently, the token is trading at $0.887. It is worth noting that over the past 24 hours, the trading volume of this cryptocurrency has increased by 32%, which triggered the growth of investor interest.
Cryptoexperts expect another spurt and strong growth in the asset, but the upward movement is limited by the resistance level of $0.92.
Read also: Bitcoin mining hashrate reached record highs.
