In the past 24 hours, 217 million MATIC tokens have been sent to about 70 addresses via the Polygon Ecosystem Growth address. This calculated action intends to promote growth and broaden the ecosystem.
The market price of MATIC has been somewhat impacted by this token distribution, which has resulted in small losses.
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Growth of Polygon Ecosystem with Distribution of 217 Million
almost 70 wallets were credited with 217 million MATIC, or almost $200 million, based to etherscan statistics. The majority of locations obtained a similar quantity of MATIC as part of Polygon’s Ecosystem expansion the year prior.
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Roughly 82.3 million MATIC, worth roughly $75 million, have been placed into well-known centralised exchange networks, including as Binance, Coinbase, Bitfinex, and OKX, according to data and transactional analysis. It is important to note that 32 wallets belonging to recipients are centralised exchanges.
Furthermore, the information shows that the top five recipient wallets got around $53 million, or 58.3 million MATIC. Wallets that get such large quantities of money account for around 27% of the total MATIC distribution.
This distribution is seen by some experts as evidence of the Polygon Ecosystem’s expansion and development. The money obtained helps to support investments and grow the ecosystem.
This distribution comes after Polygon Village, a division of Polygon Labs, announced that it will be distributing over 110 million MATIC tokens, or roughly $78 million, to developers and builders in the Polygon Ecosystem. Like the last issue, Polygon’s $78 million award seeks to improve on-chain operations.
Static Price Movements
Performance for MATIC has decreased once the 217 million tokens were revealed. Coingecko reports that MATIC has seen negative trading activity over the past 24 hours. From its peak of $0.96 to a 24-hour low of $0.88, the currency saw a decline.
MATIC hasn’t been able to go back to its peak in the last day since the news surfaced, despite trying to do so. As of the time this report is being written, MATIC is trading at $0.94, a decline of 1.94% from the value one day before.
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However, the market for cryptocurrencies as a whole is trending upward, with top assets like ETH and BTC rising more than 4% over the last day. As a result, the recent events have affected the unfavourable price movement of MATIC.
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