{"id":120658,"date":"2019-12-10T18:30:22","date_gmt":"2019-12-10T18:30:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=120658"},"modified":"2019-12-10T18:30:25","modified_gmt":"2019-12-10T18:30:25","slug":"big-traders-on-binance-panic-tanking-matics-price-by-almost-75","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/big-traders-on-binance-panic-tanking-matics-price-by-almost-75\/","title":{"rendered":"Big traders on Binance panic tanking Matic’s price by almost 75%"},"content":{"rendered":"

The digital token of Ethereum<\/a>-based payments company Matic lost almost 75 percent of its value in a matter of minutes after two weeks of massive appreciation. While the matter is still being investigated, both Matic and Binance said that it wasn't a pump and dump scheme, but a result of a panic cycle caused by “a number of big traders.”<\/p>\n

Matic's price flash-crashes by more than 70 percent<\/h2>\n

MATIC<\/a>, one of the first tokens that were launched on Binance's IEO platform, Binance Launchpad, has had a turbulent few weeks that culminated with a brutal slashing of its value. Traders awoke on Dec. 10 to find that the coin had lost 75 percent of its value, dropping<\/a> from $0.04 to around $0.01 in a matter of hours.<\/p>\n

\"MATIC
MATIC Price Chart<\/figcaption><\/figure>\n

This was a hard blow to traders as Matic has been on an upward trajectory for the past few weeks, jumping from around $0.013 to $0.042 in just three weeks.<\/p>\n

The drastic drop in price caused a stir in the crypto community, as many traders and analysts reported that it coincided with a massive move of MATIC from the Matic Network Foundation to Binance. After reports suggested the Foundation moved 15 percent of MATIC's circulating supply, the crypto community was up in arms accusing the foundation and its parent company of a pump-and-dump scheme.<\/p>\n

What does the on-chain data say?<\/h2>\n

IntoTheBlock, a crypto data platform, shared<\/a> some interesting on-chain data about MATIC, including:<\/p>\n