Straight to the moon
Matic, one of Binance’s recent initial exchange offerings (IEOs), made plenty of headlines because of its astronomical price growth. The coin’s value increased by more than 1,200 percent in less than two weeks due to the Binance endorsement. This is a vivid example of how much power the Malta-based exchange has when it comes to pumping different projects (Binance was responsible for 99 percent of its trading volume).
To top that off, Matic also secured funding from Coinbase Ventures back in April. After ramping up support from the two crypto juggernauts, Matic seemed pretty much invincible. Until today.
A dramatic fall
According to CoinMarketCap data, the price of Matic plunged by almost 45 percent in a single day, which is one of the biggest drops you will ever see. To put this into perspective, if you invested $1,000 in Matic the day before, you could have lost up to $450.
It is worth noting that Fetch, another Binance IEO, also saw a similar outcome after being caught up in the FOMO craze. After reaching its ATH of $0.32, it nosedived by 39.78 percent, currently trading at $0.19.