Polygon's Price Plummets as Team-Linked Wallets Dump 18M POL

Polygon's recent attempt to push past $0.78 was met with rejection, and the altcoin has since fallen to $0.75.

The decline is largely driven by selling pressure from the Polygon team, which has been aggressively dumping POL into FalconX.

According to data, the team deposited 18 million POL worth $1.36 million at an average price of $0.0755 per token, with three separate transactions over the past few days.

The increased selling pressure from the Polygon team has led to a surge in exchange supply, which could weaken the market and lead to further losses for the altcoin.