Whale Alert: MATIC Dumps 70% Of Its Value Under 24-Hours

One of the major challenges in trading cryptocurrencies is the sudden price surges that mostly cause a serious loss, especially when the market moves unexpectedly in the opposite direction. This is mostly subjected to a price manipulation from the big traders due to FUD or high negative news impact.

MATIC Network Tanks By 70% Today

Earlier today, MATIC, one of the popular cryptocurrency projects that were listed on Binance Exchange in May this year, saw an instant drop of 70% overnight. Meanwhile, the MATIC Network which had its Initial Coin Offering (ICO) on the Binance Launchpad was just rising from a 50% loss following its listing price at 0.00000103 BTC earlier this year.

Against US Dollar, MATIC was trading as high as $0.043 before witnessing a quick surge in volatility to the downside yesterday. Following the past weeks of gains, the last 24-hours panic sell was a big shock wave for MATIC traders. But to some, it’s a good opportunity to join the next bullish rally which may come in no time. At the time of writing, the token is down by 54.89% with a current price at 0.00000249 BTC ~ $0.018.

What Happened?

Following the community reactions, the dump was rumoured and attributed to the MATIC team for causing a price manipulation as a result of token movement from the foundation account to Binance for some liquidation. Meanwhile, the MATIC Network Co-founder and COO, Sandeep Nailwal quickly shared that the latest allegation is considered baseless.

More so, the MATIC Network foundation has cleared the air that they had NO role to play in the terrible crash, emphasizing that the “Foundation tokens are still there”. The team promised that “MATIC will bounce back stronger than ever!”

Matic had NO role to play in all this.

For token movement, We announced the release of ~0.25% (248mn) tokens as Oct unlock, which coincides with aggregated outward movement.

Foundation tokens are still there.https://t.co/BhDDqFWF6H

MATIC will bounce back stronger than ever!

— Polygon | Aggregated (@0xPolygon) December 10, 2019

According to MATIC Network Foundation blog site, “we want to strongly state that the allegations of token movement from our Foundation account, made by a FUD account against MATIC steam are completely baseless. Even Binance confirmed it:”

Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it. A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading. https://t.co/wOVF6tEBkQ

— CZ 🔶 BNB (@cz_binance) December 10, 2019