Alameda Research raised concerns by transferring 2 million Polygon (POL) tokens, worth $927,000, to Binance on November 23.
The transfer of significant quantities of Polygon (POL) tokens by Alameda Research during a favorable market surge has raised concerns throughout the cryptocurrency community.
A few hours ago, the struggling company communicated to a centralized exchange the transfer of an additional 2 million POL tokens, which are valued at $927,000. Significant transactions are having an effect on Polygon’s trajectory, which is experiencing an upward momentum in the wake of the resignation of SEC Chair Gary Gensler.
Alameda Research Large Transfer Spark Concerns
According to data provided by Arkham, Alameda Research has transferred 2 million Polygon (POL) tokens to Binance on November 23. The total value of these tokens is $927,000. This is in line with a pattern of substantial moves that have occurred in the midst of price changes, which raises worries about the possible impact on the market.
Large transfers indicate a sell-off, which is especially relevant given the recent price spike of the token. Alameda Research has transferred a total of 4.5 million POL tokens over the past four days. Alameda Research sent a total of around $1.98 million to Binance, widely regarded as the most prominent cryptocurrency exchange.
This constant transfer activity, in conjunction with the recent price boom that Polygon has experienced, has given rise to concerns regarding the possibility of a price correction in the event that whales join the sell-off. Investors are considering whether these actions are part of a strategy to capitalize on the rising value of POL.
Traders are on high alert as they check Binance’s order books for any indications of liquidation because the wallet address associated with Alameda, which is 0xf02e86d9e0efd57ad034faf52201b79917fe0713, continues to be active.
Previously, Alameda has a history of large-scale token dumps, which generated significant market movements. For example, the price of Worldcoin dropped after Alameda Research sold off a significant quantity of its tokens.
POL Price Jumped 35% This Week Amid Gensler’s Resignation
This raised concerns about the potential for Polygon (POL) to experience a similar outcome due to recent transfers. As a result of the news that SEC Chair Gary Gensler will step down in the following year, the price of the POL token has increased by 35% over the past week.
The news, which came after increasing calls for Gensler’s departure following Donald Trump’s victory in the presidential election, has increased market optimism about the possibility of a shift toward laws that are more favorable to cryptocurrencies.
With a 24-hour low of $0.4496 and a 24-hour high of $0.5434, POL is presently trading at $0.53, representing an increase of 18% throughout the previous twenty-four hours. With its lofty goal of establishing an agglayer that focuses on cross-chain interoperability and liquidity unification, Polygon has been progressing toward its goal.
The project aims to connect all major blockchain networks, selecting Agora AUSD as the native stablecoin for the agglayer. By implementing this strategy, Polygon’s utility within the larger ecosystem could significantly improve, potentially leading to increased adoption.