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NEW YORK – Entrepreneur Mark Cuban transferred a significant amount of MATIC tokens, Polygon’s native cryptocurrency, to the Coinbase exchange. The transfer, which involves nearly 3 million MATIC tokens, is valued at more than $2.5 million. This transaction took place today and is notable because the tokens were initially received by Cuban on May 24, 2021, as part of the Polygon Ecosystem Growth program.
The current value of the transferred MATIC tokens means a potential decrease from their initial value of $4.25 million, with each token now trading at around $0.91. Despite the apparent devaluation, Polygon, which functions as an Ethereum Layer 2 scaling solution, continues to demonstrate a strong position in the market. The platform has seen its trading volume increase by 30% and its market capitalization exceeds $8 billion.
Polygon, as a layer 2 solution, remains an important player in the industry, facilitating faster and more cost-effective transactions on the Ethereum network.
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