MATIC price rallies on possible Coinbase listing
MATIC began its rally shortly after Coinbase released a blogpost considering MATIC as one of the new digital assets to be listed on their exchange. This is important for MATIC as it is primarily traded on Binance currently and with Binance cutting off U.S traders come September, MATIC's liquidity may take a hit. A Coinbase listing will help buffer that.
Before Coinbase announcement: $0.010665 USD
Topped at: $0.020221 USD (+89%)
Top Token Holders
With the price action, a decent amount of top token holders have started to move their tokens. Following the transaction trail, it appears that they all ended up on Binance.
- I’m buying as much matic as I can before Binance shut down on me
- Matic to 1000 sats by next December
- I m out from matic
- Matic market cap can hit 500 million easy
- Yes I’m a proud matic fanboy
- I know plenty that own millions of matic, a lot of us miss that Chainlink wave
While the above reactions may seem like the crowd is very excited, don't let that fool you. Social volume for "matic" remains significantly low as compared to what was seen back in May. Possibly indicating that majority of the crowd back then were burnt and left.
So what's next?
Now that the the market is pricing in a possible Coinbase listing, any further rumours that pop up from now till then should see some price action.
However, do note MATIC's token supply.
Total supply: 10,000,000,000 MATIC
Circulating supply: 2,172,614,178 MATIC (21.7%)
Supply on exchanges: 1,930,381,699 MATIC (19.3%)
According to the token release schedule provided on Binance Research, every month will see staking rewards released. But more importantly, come September, there will be a spike in token release which may indicate an increase in sell pressure.