Another flash crash day!

[LouVandetta]

It's really unfortunate for whoever were the victims of the flash crash. And it's kinda scary to think a huge amount of orders, just fell down way too deep.

It caused someone has sent 350 millions worth of matic tokens to the binance since a month ago and dump it instantly.
Read more about that https://www.newsbtc.com/2019/12/10/matic-dump-leads-to-questions-over-ieo-crypto-legitimacy/

The big question is the matic team was accusing the whale is behind all of this crap story but the fact said the different thing. The circulating supply gets increased by more than 3% based on the CMC marketcap and again how is it possible for that whale to get thematic token directly from the contract but not from the exchange site?

It just like collusion, binance is defending matic team caused by when it was coming true if the team sold a lot of the tokens in the market and binance's reputation will be destroyed.

Maybe CZ is also taking advantage from this case too.

I've seen several news regarding this before, and even binance is "defending" them with saying that matic's team has nothing to do with any of this pump and dump thing.
It might be just like you've said, if it's proven true, it might damage Binance's reputation.

It's like a nightmare to think if someone buy at the very peak which was not long ago only to see a sudden price drop.

[Strongkored]

I'm not surprised by things like this, the ones who have the most potential to do this are the developer and whale because they have more coin then anyone.
Developer and whale wil blame each other and hide all their actions.
Don't wait to get a big profit when joining IEO or ICO, when the profits is above 20-50% it would be better to sell everything because soon there will definitely be a very significant price down and eventually make us stuck with LONG HOLD or even make our investment to be zero.

[Callanta787]

Never heard of it, so I'm not surprised it crashed.  Without knowing anything else about it, I would venture to guess that it doesn't have a high trading volume, probably not a strong community, and isn't traded on many exchanges.  Am I correct in those assumptions?

Someone probably tried to pull a pump and dump with it, but who knows.  Also, this isn't newsworthy.  If bitcoin had experienced a flash crash I'd be interested.  But MATIC?  Come on.

Lol you are wrong, why said it crash because it doesn't have high trading volume, matic is one of the most profitable IEO on binance this year and I am surprised you never heard anything about the project, it means you aren't following crypto news much

[zeze18]

MATIC, the digital token based on the Matic Network saw its price drop by a whopping 70 percent earlier today. Up until yesterday, the price of the scalability-focused asset was holding steady at about $0.042.

However, due to reasons still unknown, the price dropped to $0.013 in less than an hour, two weeks after pumping almost 180 percent. At press time, MATIC is trading at $0.0196.

Source link here

I know how it really feels. I can somewhat relate to you guys for the other tokens (I mean shitcoins) that I hold dearly. Most of the ICOs and IEOs really suck because after getting listed to exchanges, they don't have market makers or enough budget to liquidate the price.

At first, I just thought that those projects who are doing IEO on Binance are going to be solid and reliable.

However, I just realized that after this news happened, it means that not all of them are going to be successful, even if they do IEO in the world's most popular exchange.

For MATIC token holders out there, I just felt bad about you guys after the flash crash of around 70% of the value in just an hour.

This kind of tragedy that made crypto investors are running away because no one can guarantee our assets value is safe because an altcoin could drop this deep. There must be the mafia behind this incident so the people who know it should uncover this thing and make people who are already invest or new investors are not afraid to invest in a good project

[TanakabZX]

why all the noise about Matic price lose? Binance screened the project before listing them so they are not scam and I think its a good time to start buying, more over Magic has good real use case.

Matic Network describes itself as is a Layer 2 scaling solution that uses sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.

[youdacapt]

Seems like a potential pump and dump to me as well; seems like the price was being propped up and eventually the rug was pulled which caused a large number of stop orders to trigger and people to sell, though from one of the tweets I've seen with a price chart detailing the price action, it seems like the token's returned nearly to its price before it started rising. Could've ended up worse, though considering pumps and dumps on lower-cap coins is pretty common, I'm not surprised things like this are happening.

cz and matic really maintain each other's reputation this time, but I already have a feeling since selling matic at 0.02, the price increase is very strong and premature, their community is quite large, but this time they can't at least maintain when prices are high . I await the results of their investigation, I assume this is pure manipulation.

[Pamadar]

After that huge run previously, might be possible that the whales who are satisfied with the profits that they've got already dumped the coins that they're holding. Possible also that this is just another artificial movements which can lead to another pump scene after those weak holders sell out as panicked about losing everything take place inside their minds.

[Reid]

It is not yet perfect.
Some said it could save the ICO based projects but yet this happens.
I guess you still need that DOYR. I mean go deep. Are they really that willing to do anything for their token to survive what traders could do to their market.
It could be played. I am seeing this kind of reasons into why they fell. They should stop blaming the bounty hunters.

[ashmodeus]

damn it , that why i told people before , Matic is the most hyip IEO on this year.
firstly,did u remember the first airdrop matic from binance for simple task about matic wallet ?
i get 5000 matic from it, and on that time its just about 20 usd .
but , if i waiting for a few weeks , the price going crazy up to 80 usd for 5000 matic, and from it , i know exactly matic is a crazy investement , such as coin coin on 2017 .
and after it , i stopped follow about matic project , and of course i really shocked seeing the price drop suddenly from 0.036 to 0.016 .

[naikturun]

maybe there are some people who have a large amount of automatic, so he who controls the price, there is no way the price that has gone up can go down drastically within 2 hours.
at the time of the last bull btc yesterday and alt decreased over 1 month, not in a short time.

[mrdeposit]

sad news , really sad news , i hear recently matic have a high pump a few days ago , and what now ? crash soo sudden ? on the major exchange ? what happen ? i wonder how about their liquidation.

In fact, if it was a whale game, no one would have care about it because in this market pump-dump games of whales like this always can be, so at least the project would not be condemned by anyone. But the situation is very different, everything seems to have been planned in advance. If there is no other explanation, a new name has been added to the shitcoin list.

[Amel]

Seems like a potential pump and dump to me as well; seems like the price was being propped up and eventually the rug was pulled which caused a large number of stop orders to trigger and people to sell, though from one of the tweets I've seen with a price chart detailing the price action, it seems like the token's returned nearly to its price before it started rising. Could've ended up worse, though considering pumps and dumps on lower-cap coins is pretty common, I'm not surprised things like this are happening.

cz and matic really maintain each other's reputation this time, but I already have a feeling since selling matic at 0.02, the price increase is very strong and premature, their community is quite large, but this time they can't at least maintain when prices are high . I await the results of their investigation, I assume this is pure manipulation.

Well I also think this is a manipulation by a group of people, and I suspect someone inside is playing. Matic was fine before and in my opinion this is a potential coin, and when experiencing this dump makes a big question in my mind, who is behind it?

[Twentyonepaylots]

I knew MATIC would dump. The price increased by over 300% in the last 2 months. Crypto Twitter moonboys got on board and bought the top. Most of my friends were cut pants down due to the flash crash. Anybody who didn't use a trailing stop during the pump should be bitter now. Aside from MATIC, Other Binance Launchpad tokens dumped more than 15%. I'm not surprised as they all did at least 50% recently. Bitcoin is volatility, with alts, It's even higher.

It wasn't surprising at all knowing the price pumped 300% in the past months, what would you expect to happen on the price? Altcoins does not do so much, in fact the 300% pump is a fortunate event on altcoin these days it maybe came from the whales on that community that plays along with the small ones.  Actually it is not just the MATIC that dumped, many altcoins dumped too due to the seasonal changes keep in mind that it is December, people needs money for some reason.

[totoy4741]

I think investors does not really care about the projects' success right now and they are most likely on just riding the hype on projects' few weeks or months to double their investments then dump it when the price rises up then look for another potential projects and do the same thing. It like a cycle put your money where you can get an interests, dump after the hype then jumps ship to another and so on..

[shodik007]

I am really confused if it's related to the matic decline problem, if you buy when the price is 200 sats and after that see 450 sats, you have to sell it instead of holding it in the hope that it will get higher. as well as new buyers who buy when prices have touched 500 sat, what would you expect from this?

[Coin_trader]

I heard news from a telegram announcement channel that this abnormal phenomenon is an inside job. He claims that this is intentional and someone in the team is cashing out there token. They are just waiting for a week so that all of Matic supporter will forget everything and bring back to normal again the trading. Investing on Matic right now is very risky and I were you. Just fckn ignore it or burn once they sold the rest of there bag.

[shinratensei_]

It's really unfortunate for whoever were the victims of the flash crash. And it's kinda scary to think a huge amount of orders, just fell down way too deep.

It caused someone has sent 350 millions worth of matic tokens to the binance since a month ago and dump it instantly.
Read more about that https://www.newsbtc.com/2019/12/10/matic-dump-leads-to-questions-over-ieo-crypto-legitimacy/

The big question is the matic team was accusing the whale is behind all of this crap story but the fact said the different thing. The circulating supply gets increased by more than 3% based on the CMC marketcap and again how is it possible for that whale to get thematic token directly from the contract but not from the exchange site?

It just like collusion, binance is defending matic team caused by when it was coming true if the team sold a lot of the tokens in the market and binance's reputation will be destroyed.

Maybe CZ is also taking advantage from this case too.

I've seen several news regarding this before, and even binance is "defending" them with saying that matic's team has nothing to do with any of this pump and dump thing.
It might be just like you've said, if it's proven true, it might damage Binance's reputation.

It's like a nightmare to think if someone buy at the very peak which was not long ago only to see a sudden price drop.

So many people are saying they are losing their money caused by that dump. It's not even a new thing to see the projects used the whale as a camoulage to dump the tokens.
Binance just wanna defend its reputation and no more. So many people have been buying the peak price of the token and they are all now feeling panic. The chart of matic is going down again and that means the market has been losing its trust.

1500 bitcoin is a lot of money. The buyers will never try to put their money again there.
Honestly, sometimes the trusted guy can't also be trusted too. We don't know the collusion behind that hacked case.

[poornamelessme]

I knew MATIC would dump. The price increased by over 300% in the last 2 months. Crypto Twitter moonboys got on board and bought the top. Most of my friends were cut pants down due to the flash crash. Anybody who didn't use a trailing stop during the pump should be bitter now. Aside from MATIC, Other Binance Launchpad tokens dumped more than 15%. I'm not surprised as they all did at least 50% recently. Bitcoin is volatility, with alts, It's even higher.

It wasn't surprising at all knowing the price pumped 300% in the past months, what would you expect to happen on the price? Altcoins does not do so much, in fact the 300% pump is a fortunate event on altcoin these days it maybe came from the whales on that community that plays along with the small ones.  Actually it is not just the MATIC that dumped, many altcoins dumped too due to the seasonal changes keep in mind that it is December, people needs money for some reason.

The dump wasn't that unusual, just the speed of it kind of was. Typically when coins dump like half their value, it tends to at least take a couple of days or a week or so. At least for coins with any real volume, dinky alts can pump 3x and crash 3x in like an afternoon.

I just hope we don't see another bear (or super-bear, I guess, as we are already pretty bearish) market due to IEOs all crumbling to pieces, dragging down the entire market even further.

[Kotone]

This is probably made by the whales on binance. I pity those who hold and sell lower than that price its a really big rekt for investors. There is no vivid reason but my assumption is the manipulation of whales. Hate to join this kind of circle, admit it binance dont really care about it. Matic price will probably recovered considering lots of partnership and latest development.

[o48o]

Funny thing about it is that crash was apparently so hard to some trading bot algorithms that several altcoins took the hit on that very same moment including at least Dusk and Raven. Not as big of a crash but still noteworthy.