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Matic Takes 66% Route Down, Binance Investigates This ‘Nightmare’

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Linas Kmieliauskas

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Linas Kmieliauskas

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Last updated:

June 26, 2023

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After stellar performance, MATIC, the token of blockchain scalability network, Matic Network, suffered a 66% crash in less than an hour on Tuesday. And now, even Binance, responsible for the initial exchange offering of this project, is investigating the case.

At pixel time (05:20 UTC), MATIC trades at c. USD 0.02 and is up by 18% in the past hour, after touching USD 0.012 earlier today. The price is down by 49% in a day, erasing its weekly gains (-32% now). MATIC is still up by 20% in a month.

MATIC price chart:

“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, Co-founder and COO of the company, reacted.

Changpeng Zhao, CEO of Binance, said that their 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,” the CEO added.

However, not everyone is convinced by this explanation.

“This narrative that a number of big traders panicked is absolute horshit. I respectfully encourage you to show some kind of data that at least suggests this,” crypto trader Nick Core said.