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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Matic Crypto Pump and Dump Reminder of How Dreams Can Turn To Nightmares

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
matic crypto altcoin pump and dump

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Last night, the altcoin cryptocurrency known as Matic was the talk of the crypto community, as the asset had spent the week going on a circa-2017 Bitcoin-like parabolic run, only to drop over 70% in less than an hour, destroying investors who got caught up in price action.

This recent pump and dump is a hard-hitting reminder of how even the most incredible dream-like gains in the crypto world, can quickly turn into nightmares for others, just days or even minutes later.

Matic Pumps 180% in Two Weeks, Dumps 70% in One Hour

Matic kicked off 2019 strong. It was among the batch of Binance launchpad initial exchange offering tokens that were privy to extreme hype and early launch pumps. Due to how well-received the altcoin was immediately out the gate, many believed it – along with other IEO coins and a few others – would be among the top-performing assets in the next bull market.

Related Reading | Crypto Analyst: IEO Tokens Matic, Harmony One, More to Bring 1000x Returns to Holders 

But eventually, Bitcoin’s 2019 rally and the unfortunate timing of Binance shunning US investors from its flagship trading platform, it caused many altcoins like Matic to return to a slow simmer.

Crypto. The stuff of dreams and nightmares. $MATIC was up 180% in two weeks before crashing 70% in an hour. pic.twitter.com/zo9LzP80L8

— Alex Krüger (@krugermacro) December 10, 2019

That simmer boiled over this past month, and Matic went on a parabolic rally, resulting in over 180% return for investors in just two week’s time. Irrational exuberance took hold of investors who began to FOMO into the crypto asset, hoping to strike it rich and make up for gains lost during the ongoing crypto winter.

And just like Bitcoin or any asset that gets overheated too fast, a massive, violent sell-off ensued, wiping out as much as 71% of Matic gains in just a couple of hours.

The dump, according to analysts, was a “domino effect” of staggering stop loss orders in a highly volatile and illiquid asset.

https://twitter.com/canteringclark/status/1204265000250023936?s=12

Crypto Traders Remind Investors Not To FOMO

As many crypto analysts have pointed out, 180% gains in two weeks is the type of dream-come-true investment that could leave someone set for life. However, a 71% drop in minutes could just as easily turn someone’s dreams into a nightmare, losing a fortune at the hands of the ferocious selloff.

Some have taken the opportunity to issue a reminder that its never wise to FOMO into an asset that’s already taken off, as it could leave late buyers burned as early investors begin to take profits, and the market begins to correct.

Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry

Whether this harms the long-term outlook for Matic remains to be seen, but at the very least, investors may be hesitant to FOMO into the asset moving forward, in fear of being sold into the moment the rally peaks.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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