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