Today we awoke to see an epic dump from Matic which within an hour dumped from $0.043 down to $0.011. The coin currently sits at just under $0.02 following a brave recovery from the epic drop. One could predict this is the calm before the storm where the token takes another large scale drop.
Matic is just the latest “high profile” project to take advantage of a Binance listing to rapidly pump to highs then tank down, in this case making another big pump before last nights fresh dump. Matic follows in the footsteps of other recent Binance cursed shitcoins: Fetch, BitTorrent Token, Celer, Wink, Harmony and the rest which all took advantage of the Binance Launchpad to pump hard then virtually die.
The saddest part is seeing all the Twitter shillers over the past few days who were calling for more gains only to see their poor followers crushed and ruined. If somebody shilled you this crap then unfollow them immediately.
But let’s take a look for a minute at the various posts going around Twitter with claims the Matic Network dumped 15% of the total coins into the market and the necessary denials from CZ and the Matic Network.
Matic founders dumping 15% of supply during pump run
There are numerous threads showing the Etherscan movements from the Matic founders to Binance prior to the big dump.
— Altcoin7 (@_Altcoin7) December 10, 2019
The originator of the 15% dump story has however since retracted his statement and apologised for starting the rumour:
I just want to deeply apologise for providing an inaccurate claim, it turns out it was only 381,903,830 $MATIC (3% of the supply) that "seems" has been liquidated, I made a miscalculation and included inputs as well as outputs in my computation. https://t.co/BHFu5GW0A2 pic.twitter.com/9xdoC19Ga6
— Samuel JJ Gosling (@xGozzy) December 10, 2019
Binance and Matic deny any involvement in the dump
Just woke up to this nightmare due to a distress call by someone
It will be clear very shortly that we are not behind this, as some FUD accounts are trying to insinuate
We will post a detailed analysis and we will come out stronger than ever from this evident manipulation
— Sandeep Nailwal-Matic Network (@sandeepnailwal) December 10, 2019
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 Binance (@cz_binance) December 10, 2019
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!
— Matic (@maticnetwork) December 10, 2019