After 50% hike in Two weeks, Matic dropped 70% in Minutes

[Harrydose]

The digital token Matic dropped an amazing 70% in just a single hour on December 10, making this probably the severest drop in crypto history. The token crumbled from $0.042 to $0.012 in a flash leaving traders totally bewildered. The dumped sum is generally $60 million as far as the market top.

This monstrous drop was to some degree sudden in light of the fact that Matic had been performing very well preceding the drop. It was up 180% over a range of about fourteen days before the drop. The emotional drop left the online life stage, Twitter in a craze with individuals scrutinizing the administration or thinking about whether it was an inside activity.

Source: TheCoinRepublic

[1714146157]

1714146157

[1714146157]

1714146157

[Hueristic]

The digital token Matic dropped an amazing 70% in just a single hour on December 10, making this probably the severest drop in crypto history. The token crumbled from $0.042 to $0.012 in a flash leaving traders totally bewildered. The dumped sum is generally $60 million as far as the market top.

This monstrous drop was to some degree sudden in light of the fact that Matic had been performing very well preceding the drop. It was up 180% over a range of about fourteen days before the drop. The emotional drop left the online life stage, Twitter in a craze with individuals scrutinizing the administration or thinking about whether it was an inside activity.

Source: TheCoinRepublic

So explain to me why this is any different than any other shitcoin dev team performing a pump and dump?

This happens here every week for the last 6 or 7 years.

Is this supposed to news or something?

[vanya.pronin.1983]

I thought that their team members just dumped the majority of their tokens and it is not the way it works. Matic has good potential, but if they have such greedy people at their wheel, it can likely end very bad for all.

[avikz]

After taking a quick look at their website and features, I can confirm that Matic is another classic example of shitcoin with zero utility and no real world application. The developers came here to make money and probably they are the only responsible people behind this dump! So the made their money and now exited from the market, so should you!

I really don't know why people invest in such projects without any utility which goes down to drain 99.99% of the time! if you look at the features Matic token as mentioned in their website, you will literally find hundreds of similar projects in the market. In future, try to stay away from such projects who doesn't have any product or utility and your money will be saved for better time!

[Prompyboo]

Now all Twitter says that the project team has is not connected with such a fall. for me, all this looks very strange. if the team has no connection with it, then who could make such a sharp collapse? who has such money?

[mylife]

The price will be replaced in one month at the latest. It was a good manipulation. Money winner wins. I just bought more and started to wait.

[betty11]

There was an accusation that the developers unlocked their holdings and dumped on the market, but Binance CEO initially stated that the developers has been absolved of any wrong doing but that the case will be investigated. FOMO is a dangerous thing and should never be tried on new and shitty coins.

[ololajulo]

There was an accusation that the developers unlocked their holdings and dumped on the market, but Binance CEO initially stated that the developers has been absolved of any wrong doing but that the case will be investigated. FOMO is a dangerous thing and should never be tried on new and shitty coins.

I am getting a little worry on Binance CEO, he is looking more like the crypto bad guys. He is getting unserious and lies. With time he will be exposed. It was discovered that the dump was an inside job by 2 members of the team with collusion with the exchange, the token was moved some days back from the team's wallet. CZ did that the cover up early to protect himself at least for a while. I find it hard to believe any side of the story because no one can be trusted here.

[nxnqauff]

Is this really a news or worry? Most coins are behaving like this. Especially people or team are manipulating the price for them to dump it. Then leave the public to the ground or even beyond that.

[adiebitsler]

This kind of thing often happens on exchanges regarding cryptocurrency trading, for speculation there are insiders who play in it too we can't see it. but I think it must be in tandem with investors so that more holders are held in it.

[TastyChillySauce00]

Is this really a news or worry? Most coins are behaving like this. Especially people or team are manipulating the price for them to dump it. Then leave the public to the ground or even beyond that.

Its become a big thing after the people found out that the supply of this coin increases significantly which creates a rumour that the dev themselves dumping this coin so hard and the dumping is done at the same time and that what causes the uproar regarding the dumping. It's no ordinary dumping and strongly indicates price manipulation as well and that's why investing into altcoins like matic is discouraged the people behind project hold too much token.

[Lagduf]

Is this really a news or worry? Most coins are behaving like this. Especially people or team are manipulating the price for them to dump it. Then leave the public to the ground or even beyond that.

It's not a piece of news but it's a dump that has been made by the whale as per the developer said about that but that statement can't be trusted. A few hundred millions matic tokens ent to the binance since a month ago and dumped just in a few seconds. We should give applause to the matic team about how smart they were doing it.
But if you are looking for a trusted coin which was doing a shady thing like this and that only happens with matic token.
you can find another project doing the same thing like this one but they are still thinking about how to keep the price becomes stable.

[livingfree]

There are other altcoins that are even dropping higher with that percentage but because it's one popular altcoin, you have to cover the news and report it to everyone because it has gained attention to the people.

It's not that new anymore but things like this, expect it to happen if you're investing to altcoins. Even for bitcoin, huge drops were pretty normal in the past so with this quick dump for Matic it's just shocking but every investor of it should have analyzed this possibility before.

[knuckey]

When the pump ends, the dump will definitely come, I guess this always happens on the market, especially for altcoin. In this case it is very clear that matic move fast to go up and a trader must know where he is going next, after the drastic increase, it's definitely dumped harder.

[minairia3]

This is inevitable actually. I think many people still not used to it seeing some price to go down very steep even though for quite some time. Yes see btc dumped overnight, expect more on altcoins since these project are still fresh. Matic is good project and nothing can predict what will happened next. Sorry for those who lost but it will only reflect if you sell at a loss.

[joseyphil82]

people complained about how magic price dropped and some have already judge the project to be a very bad one, I don't know what causes the panic that makes whales to dump but I saw it as buying opportunity so quickly I grab few matic, better than investing in coins from low exchange

[bassbity]

When the pump ends, the dump will definitely come, I guess this always happens on the market, especially for altcoin. In this case it is very clear that matic move fast to go up and a trader must know where he is going next, after the drastic increase, it's definitely dumped harder.

It is also true that if the pumping is over, the dump will wait for us. The price of altcoin will not be so stable. We should understand that because it has happened normally, many people are surprised in 1 hour that Matic coins plunged so much that many think this problem dumping coins by the foundation .
This coin has dropped 3x if we wait for sure long to get back up.

[o48o]

I thought that their team members just dumped the majority of their tokens and it is not the way it works. Matic has good potential, but if they have such greedy people at their wheel, it can likely end very bad for all.

I can't see having any potential with the fear of team dumping the token value with a flash crash in the future. No matter the tech, investor trust has been tainted by the team by artificially manipulating the price and that's hard to recover from. Hopefully their team at least can find a good use for that money. I am still thinking about shorting it if i find a right price range.

[matchi2011]

people complained about how magic price dropped and some have already judge the project to be a very bad one, I don't know what causes the panic that makes whales to dump but I saw it as buying opportunity so quickly I grab few matic, better than investing in coins from low exchange

It's how things works inside this market no one really knows what future might bring after you place your investment. The only thing that you can do is to keep moving forward, if you failed to sell after you buy in you should take full responsibility and aimed for what can be the next good thing to try cutting your loses or recover your investment.

[Aabcde]

If you already know this news, then don't ever enter coins or tokens like this. This is nothing more than a pump and dump game that can lead to shitcoin and scams. I will never waste my time and money on a project like this even though it looks very tempting. My crypto friends on Facebook have talked about the benefits of this coin since yesterday. And I will not be affected.