In the last 24 hours, the Polygon Ecosystem Growth address distributed 217 million MATIC tokens to about 70 addresses, aiming to spur development and ecosystem expansion. This move had a minor impact on MATIC’s market price, causing slight declines.
Etherscan data reveals around $200 million worth of MATIC distributed to these wallets, with a majority having received a similar amount in the previous year’s growth initiative.
Notably, approximately $75 million worth of MATIC was deposited into major centralized exchanges, including Binance and Coinbase, and the five largest recipient wallets hold nearly 27% of the overall MATIC distribution.
Analysts view this distribution as a positive sign for Polygon’s ecosystem growth and investment support. The distribution aligns with Polygon Village’s announcement of issuing $78 million worth of MATIC tokens to builders and developers for enhancing on-chain activity.
MATIC experienced a decline, trading at $0.94, reflecting a 1.94% decrease in the past 24 hours. Despite this, the broader cryptocurrency market, led by BTC and ETH, has shown a positive trend, impacting MATIC’s recent negative price movement.
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