THELOGICALINDIAN - The acumen the majority of the cryptocurrency bazaar has underperformed this year is abridgement of clamminess Add allowance trading to that and the abeyant of massive cascades in amount arises as holders of the altcoin MATIC accept aloof begin out
Cryptocurrency Collapse: MATIC Dumps 70%
A few hours ago MATIC dumped a whopping 70% in a amount of minutes. The collapse beatific the badge from $0.042 (560 satoshis) to $0.012 (165 sats) in an instant, abrogation bag holders of this altcoin addled and confused.
Crypto. The being of dreams and nightmares. $MATIC was up 180% in two weeks afore abolition 70% in an hour. pic.twitter.com/zo9LzP80L8
— Alex Krüger (@krugermacro) December 10, 2019
You are tellling me $MATIC went up 200 % in 12 days…
and went bottomward 70% in 12 account ?…
And now commenting on TG is frozen…
Interesting to say the least.
— Crypto King (@JBTheCryptoKing) December 10, 2019
Crypto cheep erupted with belief on what acquired the ballsy dump of an altcoin that was up 200% this month. Binance appears to be area the annihilation happened as it currently has about the absolute volume.
One believable account was proposed by axiological analyst ‘Stillman’;
“They did a shitcoin airdrop today, again the accepted advertise the account happened but for the aboriginal time we had allowance trading on an illiquid Binance book in abode to account a cascade.”
Current approach on $MATIC: They did a shitcoin airdrop today, again the accepted advertise the account happened but for the aboriginal time we had allowance trading on an illiquid Binance book in abode to account a cascade. Other bill like $RVN dumped 30m after which credibility appear a ripple effect
— Stillman (@Stillman___) December 10, 2019
MATIC Network was one of Binance’s Initial Barter Offerings and it appears that the barter can aback booty activity as able-bodied as inject it into an altcoin. According to the blurb it was pitched to be the abutting greatest affair in blockchain by alms a band 2 ascent band-aid that achieves calibration by utilizing sidechains for off-chain computation.
At the moment the badge amount is ascent rapidly in the amiss direction.
Whale Manipulation
Another believable approach is that the top few MATIC addresses authority 99% of the accumulation which would advance to massive abetment should there be a accommodating liquidation.
Sort of. I beatific this to my business accomplice at 7:51 EST claiming the walls were "big" and again still at 7:51 he had circumscribed to the huge adjustment in my added screenshot afore agreeable them up pic.twitter.com/dloId3zEGP
— Mike McDonald (@MikeMcDonald89) December 10, 2019
In agreement of bazaar cap agnate the bulk dumped equates to almost $60 million. Other theories are additionally emerging;
Just did some concern about to acquisition that the #Matic Network Foundation has transferred 1,495,322,715 $MATIC (15% of the supply, about $67,314,942 at ATH) in the accomplished 50 days, of which from seems to accept been beatific for defalcation at #Binance. https://t.co/FLPl4HyfiO pic.twitter.com/dpYG8rMoHX
— Samuel JJ Gosling (@xGozzy) December 10, 2019
Other cryptocurrency traders such as ‘Welson’ called it a massive pump and dump which is absolutely what the blueprint looks like at the moment.
“This is why it’s never a acceptable abstraction to FOMO into a shitcoin, abnormally back the owners accept 90% of the supply. Once they’ve manipulated prices to a aerial level, they will advertise aggregate and accept the buyers be larboard captivation the bill for life.”
Crypto Liquidity Woes
As ahead acicular out by blueprint authority ‘Willy Woo’, 99% of the accepted altcoins on the cryptocurrency markets accept virtually aught liquidity.
For an asset to be tradable it needs to accept circadian volume, and one that does annihilation agency that cipher is absorbed in affairs or affairs it. Coinmarketcap.com lists over 4,900 cryptocurrencies admitting alone the top 40 or so accept any assessable volume, the blow arise to be slow dying altcoins.
MATIC is not the alone badge coast at the moment. The big dump appears to accept cascaded into a few of the added illiquid cryptocurrencies including Energi and Ravencoin which accept both afford 20% at the aforementioned time.
Fetch.AI, which is addition of Binance’s IEOs, is additionally activity the affliction at the moment as it follows MATIC into the agenda grave.
