Can Matic Stay Relevant Following Its Dump?
One of the few tokens released in 2019, Matic has been an interesting token to watch. It was also one of the first tokens to be launched on Binance's lauchpad. The ERC-20 token aims on becoming a second layer scaling solution that makes use of side-chains and a proof-of-stake blockchain.
While it has yet to launch its mainnet, the token has managed to go though some pretty intense price fluctuations. Roughly a week and a half ago, Matic's price crashed by 70%. This crash led to speculation by a few that it was a sell-off orchestrated by the team or Binance.
Matic After the Dump
A 70% dump is severe, even in the highly volatile world of cryptocurrencies. Such a price drop could in some cases spell the slow death of a cryptocurrency. It appears that this is not the case with Matic, however. During the past few days, the cryptocurrency managed to climb by 50%.
The altcoin managed to go from lows of $0.011 on December 18th to $0.019 where it is trading currently. While it is still quite a distance from it's all-time-high price of $0.04, should the upwards trend continue, we could see it there in the future.
Oddly enough, there is no apparent reason behind Matic's gains. There was no major announcement, listing or update in the past few days. These recent gains, as like the dump could be a sigh of whale manipulation.
So far, Matic has been one of the most successful tokens to be released via Binance's Launchpad. Let's see if it stays this way in 2020.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado