American Billionaire Mark Cuban May Be Divesting from MATIC Coin Investment!

• American billionaire and Bitcoin investor Mark Cuban unstaked some Polygon (MATIC) tokens on Tuesday and deposited them on the crypto exchange Coinbase.
• On May 24, 2021, Mark Cuban acquired 2.5 million MATIC tokens from Polygon Ecosystem Growth, which he staked to earn more MATIC.
• The amounts owned by Cuban significantly decreased after SEC lawsuits. He opposed the SEC’s stance of claiming some cryptos as unregistered securities.

American billionaire and Bitcoin investor Mark Cuban drew attention on Tuesday by transferring some Polygon (MATIC) tokens to a centralized exchange.

Mark Cuban Transfers MATIC Assets

American billionaire and Bitcoin investor Mark Cuban unstaked some Polygon (MATIC) tokens on Tuesday and deposited them on the crypto exchange Coinbase. This move coincided with a period where the MATIC price experienced a surge of over 10%, reaching $0.92, despite the U.S. Securities and Exchange Commission (SEC) claiming MATIC, along with other cryptos, as unregistered securities.

Spot On Chain, an on-chain data platform, noticed MATIC tokens valued at $2.82 million from a wallet associated with American billionaire Mark Cuban’s Polygon PoS Staking address. Subsequently, these unstaked MATIC tokens were deposited into the Coinbase crypto exchange on the same day.

Mark Cuban acquired 2.5 million MATIC tokens from Polygon Ecosystem Growth on May 24, 2021. He staked them to earn more MATIC. Currently, Cuban’s wallet holds 16 MATIC tokens, along with other cryptos such as WETH, ETH, ILV, and BNB. The wallet currently has only $3,340 worth of cryptocurrencies.

The amounts owned by Cuban significantly decreased after SEC lawsuits. He opposed the SEC’s stance of claiming some cryptos as unregistered securities. Recently, he joined forces with Elon Musk to submit a joint briefing for the U.S. Supreme Court case US SEC v. Jarkesy, questioning how the SEC conducts non-jury internal proceedings.

MATIC Price Retracts from Resistance

MATIC price has dropped by 5% in the last few hours but still shows a 2% increase in the last 24 hours. The price is currently trading at $0.89. The 24-hour low and high are $0.854 and $0.921, respectively. Moreover, the trading volume has increased by 32% in the last 24 hours, indicating a rise in trader interest.

On the 1-hour time frame, MATIC is trading within the Bollinger Bands, above the 20-day moving average. The RSI indicates there is still room for another upward momentum. However, the $0.92 resistance continues to limit further upward movement.