Billionaire investor Mark Cuban recently made a significant move by depositing millions of Polygon (MATIC) tokens into Coinbase, indicating a potential liquidation.
As per Spot On Chain data, a wallet linked to Mark Cuban deposited 2.826 million MATIC on Coinbase at an average rate of $0.91 per token, amounting to a transaction valued at $2.56 million on December 25. This move marked the most substantial transfer since the Polygon Ecosystem Growth sent tokens to Cuban in May 2021, hinting at a potential upcoming selloff.
The Polygon Ecosystem Growth had previously granted Cuban 2.5 million MATIC tokens, which he staked for additional earnings. Although the staking seemed profitable, the withdrawal of 2.826 million MATIC at the current rate might result in a loss compared to the tokens’ initial value.
While the implications of Cuban’s decision remain uncertain, this potential Polygon token liquidation aligns with his recent trend of divesting stakes in various ventures, such as the reported sale of his majority share in the NBA’s Dallas Mavericks for $3.5 billion. Cuban’s involvement in promoting Dogecoin (DOGE) during his tenure at the Mavericks is notable within the crypto landscape.
Despite this move, Polygon (MATIC) surprisingly maintains stability, possibly because the volume of tokens involved may not significantly impact the broader market of the Ethereum Layer-2 scaling solution.
