Another flash crash day!

[cheezcarls]

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.

[Pearls Before Swine]

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.

[ichsan ardi]

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.

[leowonderful]

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.

[shinratensei_]

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.

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.

[nelson4lov]

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.

[jajorforce]

Binance IEO is great but problem is always exists in cryptocurrency. I saw the price of bittorrent, some of them lost hope until bullrun. Matic is now another crash. This is showing us a finger that we should rely on anything, not even Binance IEO. Although you aren't still sure that Matic coin is stable and unreliable.

[tenakha]

Apparently, the last two week increase has been made by the team to be sold from a higher price: https://twitter.com/econoar/status/1204274327484420096 and proof: https://twitter.com/econoar/status/1204274424989356032
I could not find the links in the tweets, but according to the screenshots, that is the case.

[btc_angela]

Lol, what do you expect guys? This is a token being used by manipulators from behind, do you think that the price will go on a parabolic rise, sooner or later when whales wallet are already full and ripe for a dump to maximise their profit, just a matter of time and it did. For those who have been late to join the party, I'm sure you suffer the most damage, while those early bag holders are laughing cashing out.

[jossiel]

I've heard it first on social media and it was shared by the holders of it. I'm shocked that the charts actually fell down way way way down during that time.

And I guess every holder of it doesn't saw this coming so sure it's a very shocking day for them. With regards to coins like this, you shouldn't lose your confidence if you have invested huge amount on it. You have to be active or else you might miss the dumping or before it dumps while you sleep.

[notblox1]

This is 'miracle' of crypto and altcoins
You never know when something like this will happen.
People should take profits before

[fuer44]

IEO cannot guarantee the price of the token will be good in the market. if indeed this bad trend continues, even though they are doing IEO, not necessarily token will get the highest price.

[ecnalubma]

Its a most common strategy of new projects nowadays that’s everyone should be watchful, It doesn’t mean it is listed in good exchanges it is less risky, its always a big risk. Maybe the team needs the money to secure the funding of their development, but if you have sold early you could avoid this mess.

[BlackFor3st]

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.

There are plenty of happenings that we will not expect about the price of the tokens that we hold, a drop of 70% is a big impact to the holders and there is a big possibility that the dumper is the team behind the project or the investors who bought a huge amount then dump it in an instant.

Because the reason is still unknown it will be best if you will check also whether that token is not being pump by a group because right now there are plenty of groups that pumps a certain tokens/coins and dump it once their target price has been reached. And not all tokens that were being launch by big and reputed exchange is good for a long term hold, you need to wise if you want to last in crypto.

[poornamelessme]

The size of that type of dump isn't unusual, but the speed kind of is, at least for a coin in the top 100. I suppose some whales got cold fins and decided to dump all of their holdings... probably IEO holders who thought it was time to cash out.

[huu78]

This is not a surprise I think a lot of manipulations in doing and dumps that happen very detrimental to the crowd and I think it's not a coincidence because of already planned people in them? such as manipulation in do when the pump to lure traders to buy their coins and it happened a very deep crash. It's just my estimate you can have a different argument to me.

[X-ray]

thinking that every IEO is solid and reliable is so wrong. I mean, even wework that got funded by major investment firm could turns out to be a hot garbage and causes massive losses for the investors including soft bank that known to be really good at managing investment fund and not to mention that this matic project is fishy as hell. so many people are doubting it and putting the blame at the developers it's no wonder the market could be dumped that far.

[bitvalak]

And the point is that the IEO project does not guarantee it will be good in terms of price and development. Such speculation is common, at any exchange.
So far I don't really know about MATIC, so I can't comment too far. What is clear is always objective in putting your money in any project because any amount of exchange will not guarantee a new project can be good there.

[starblocks]

This is typical of a pump and dump scenario or a large holder offloading their tokens quickly with no concern for the market or even selling them slower to fetch a better price for them, and there's always some lucky traders who place lower buy orders who benefit so its not all bad and if its a reliable startup the value will recover soon enough

[xZork]

There was definitely agreement from the group and binance, first pumping and then dumping. Finally, the victims were the investors who supported the group.
This is a problem that I haven't invested in any recent ICO or IEO projects. The majority of current IEOs are no different from ICOs, they just want investors' money then leave the project.