WHY IS THE MATIC NETWORK SO DOWN? THE MOST CURRENT DESCRIPTION.

Matic Network describes itself as is a Layer 2 scaling solution that uses sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic aims to be the de-facto platform on which developers will deploy and run decentralized applications in a secure and decentralized manner.

Matic Network claims to have worked on implementations of Plasma MVP (Minimum Viable Plasma), WalletConnect protocol, and the Ethereum event notification engine - Dagger. Matic intends to provide Matic wallet, payment APIs and SDKs, products and other solutions that will allow developers to design, implement, and migrate DApps built on platforms like Ethereum. Matic plans to support other blockchains in the future to offer interoperability alongside scalability to existing public blockchains.

https://coinmarketcap.com/tr/currencies/matic-network/

Matic, considered Binance's rising star, had gained 200 per cent in value by this time from mid-November. But with the wave of overnight sales, Matic lost 70 per cent of its value.

It is well known that the markets for Bitcoin and other cryptocurrencies are highly volatile, but a sudden drop of 70 per cent in an hour is extremely high, even for cryptocurrencies. The currency, a digital token used on the Blockchain scalability-focused network, fell by nearly 70 per cent last night before a slight recovery. Allegations of manipulation were raised for the cryptocurrency, which fell from $ 0.042 to $ 0.013 an hour. “Our team is still investigating the data,” he said. Sandeep Nailwal, founding president and operations manager of Matic Network, said: “very shortly, we will make it clear that we are not behind this. We will conduct a detailed analysis and we will emerge from this apparent manipulation stronger than ever,” he said.

Commenting on the matter via Twitter, Binance CEO Changpeng Zhao said: "Our team is still investigating the data, but it is already clear that the Matic team had nothing to do with it. A number of major investors have panicked, causing this cycle,” he said.

https://t.me/maticnetwork_turkish/1924

Someone asked, What really happened. Here’s what I think

THE MANIPULATIVE SHORT : Comment on what “may” have happened

Matic is a project with one of the highest attention globally. Due to that it has been rising sharply, outperforming most of the other projects in the space. Also, Many of the exchanges have enabled Margin/leveraged trading for Matic.

What transpired this morning seems like a coordinated shorting attempt by multiple whales in the wake of recent exponential rise in Matic price. They must’ve accumulated large amounts on spot markets before execution.

They chose a time when the team was deep asleep, IST night hours so there was no support from the team to calm down the FUD.

They then started selling aggressively in the market and simultaneously started posted from Twitter FUD accounts. This resulted in stop-losses being triggered and panic sell from the community which lead to a sudden downtick. It had nothing to do with Matic team, as is easily seen by various community leaders refuting it as per the block explorers and Binance team also clarifying that Matic team has no role in this.

Fundamentally, Matic is strong as ever, with most of the top Dapps and Games in the space either exploring or are already using Matic to scale on top of Ethereum. We have our staking coming up very soon, the final mainnet go live, top games and Dapps to go live. We have just gotten started ! We will always bounce back stronger. We are here for the long term impact by taking blockchain applications mainstream.