MATIC pumps for the first time since the IEO - why?

Profile picture
May 15, 2019

The latest of Binance IEO progeny, MATIC is finally showing signs of life after effectively trading sideways ever since the token sale.

The coin has gained more than 185% over the last 4 days, hitting an all-time-high $0.01097 earlier today before quickly retracing south.

While no one’s quite sure about the reason for the rally, some see it as a delayed reaction to Coinbase Ventures being announced as a seed investor in the project:

To aid the pump, however, some have taken to spreading rumors of additional MATIC partnerships with a medley of financial juggernauts:

As is perhaps expected, the main Binance telegram group has been inundated with MATIC-related shilling for most of the day, predicting this to be only the first leg of a much larger rally for the coin:

Meanwhile on Reddit, not everyone is boarding the MATIC hype train. A number of users attribute the rally to a classic P&D scheme rather than anything project-related:

MATIC’s latest price action does seem to at least lend some credence to a pump and dump theory. The coin has dropped more than 22% over the last 8 hours, and is currently looking to consolidate at around 106 Satoshi.

Still, some remain optimistic about the MATIC’s ability to bounce back:

Profile picture
May 15, 2019

Thanks for reading!

If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!


Assets from this insight

Matic Network logo

Matic NetworkMATIC

$ 0.016367

7.79%in last 7d