According to on-chain analyst Yu Jin, on November 16, Polygon: Ecosystem Growth distributed 217 million MATIC tokens (approximately $199 million) to 70 addresses. As of now, 67% of these tokens (around $145 million) have been sent to centralized exchanges (CEX). Out of the 70 addresses, 40 have already transferred all the received MATIC to CEX.
Since November 16, the price of MATIC has also declined by 21%, dropping from $0.93 to the current $0.73.
Earlier on November 16, it was reported that the address labeled “Polygon: Ecosystem Growth” distributed a total of 217 million MATIC tokens (equivalent to about $199 million) to 70 addresses in the last 12 hours. Most of these addresses had received an identical amount of MATIC from the “Polygon: Ecosystem Growth” address approximately one year ago.