Sandeep Nailwal, chief operating officer and co-founder of MATIC Network, trashed allegations of manipulation and assured investors that his team had nothing to do with the price drop. He backed up his claim in a tweet noting that a majority of tokens are still in MATIC’s foundation address and that the unlocking of the 248 million tokens in question was done in a staggered manner “so there is no large sell pressure on [the] community.”  The unlocked tokens amounted to just 0.25 percent of the total supply, MATIC’s official twitter account claimed.

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