This isn't something new of course, I have seen it many times but I don't really understand why such spikes happen. Why would someone pay $1 on Matic when he or she could buy tons of it for only $0.39?
Short answer due to the thin liquidity on the orderbook.
This kind of price fluctuations occur if a huge
market order was initiate while the orderbook doesn't have enough liquidity to absorb it. This cause a temporary price fluctuations that later on correct since the market maker will fill again order on the orderbook to correct the price.
This is common on tokens that has a surge volume of buyers that want to guy first or some deep pocket trader use market order in panic while they use a huge capital.
It doesn't even need huge market order, but just a faulty market maker bot messing up the liquidity momentarily. These days spikes like these are rare compared to crap we had to deal with back in time in crypto. Spikes and spreads were insane and anyone with enough money could absolutely destroy charts. Back in day in cexes you could set up buy orders to ridiculously high and low to catch these. Binance was the first one i saw that had limits on how high and low you can set them.
Dexes didn't even have cumulative buy and sell walls but you had to deal with specific buy and sell orders, making people buy and sell all over the map by mistake and messing up the chart.