matic/usd long after 70% sell off
At the time of writing, MATIC is trading down over 50% at its current price of $0.018, which marks an astonishing retrace from its recent highs of $0.042 that were set just a few days ago.
This latest drop was incredibly sharp and sudden, and happened over the span of mere minutes. This movement erased tens of millions of dollars off of MATIC’s market capitalization, and the embattled crypto has not been able to post any notable recovery in the time since this movement occurred.
Naturally, this movement also coincided with a massive increase in trading volume, which may have come about as traders quickly moved to sell their tokens.
It’s true that altcoins like MATIC – and especially those listed via IEOs – are particularly prone to heightened volatility, which primarily stems from the fact that their issuers typically hold a massive number of tokens, and that most of their trading volume comes from market making algorithms.
This latest drop was incredibly sharp and sudden, and happened over the span of mere minutes. This movement erased tens of millions of dollars off of MATIC’s market capitalization, and the embattled crypto has not been able to post any notable recovery in the time since this movement occurred.
Naturally, this movement also coincided with a massive increase in trading volume, which may have come about as traders quickly moved to sell their tokens.
It’s true that altcoins like MATIC – and especially those listed via IEOs – are particularly prone to heightened volatility, which primarily stems from the fact that their issuers typically hold a massive number of tokens, and that most of their trading volume comes from market making algorithms.
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