Update (April 2 at 6:30 am UTC): This article has been updated to add Binance’s statements about the Vinance of the ACT I The AI PropheCy (ACT) token.
On April 1 and April 1, Acroins and Memecoins were almost 60% reduced in some tokens, including Act I The AI PropheCy.
According to CoinmarketCap’s data, AI AI PropheCy (ACT), a token related to the ancestor project focused on artificial intelligence, plunged 58%within 1 hour on April 1, and its market capitalization spent $ 9.6 million.
In Altcoin Market, memo coins such as Sudeng (HIPPO), CZ ‘S (Broccoli), Kishu inu (Kishu), Dexe (DF), DFORCE (DF) and significant price reduction have appeared with the notable red action in the Altcoin market.
Cryptocurrency market. Source: Coin360
The wider encryption market has not reacted negatively to panic in the Altcoin market, and major cryptocurrencies such as BTC (Bitcoin) remain green at the time of writing.
Act i “I know the situation completely”
The massive decline in ACT tokens was inconspicuous to social media, and the ACT I took X to ensure the community that the project is completely aware of the current situation.
“Our team is actively investigating and working with all parties to solve this problem,” ACT added.
Source: Act I AI Prophecy
Some encryption commentators have a sudden price movement with Binance’s margin update.
Binance’s leverage update causes $ 3.8 million to liquidate whales.
According to the data from the Blockchain Analytics tool Lookonchain, the update for leverage and margin layers for tokens such as April 1 ACT caused a large liquidation among whales.
In the X Post, “Binance has updated the leverage and margin layer of the token, such as ACT, and the whale is $ 0.1877 for $ 3.79m.
Source: Lookonchain
Binance Future, a binance blog post, has been updated from 10:30 UTC to pairs of leverage and margin layers such as ACT -TETHER USDT (USDT).
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The update affected the existing location before the update and potentially led to some location expiration, Binance pointed out.
Binance investigates ACT volatility
Binance later posted a blog’s ACT problem around 5 pm and reported that “three VIP users have sold about 514,000 USDT tokens at Binance Spot Market.”
The announcement also mentioned other SPOT ACT sales of about 540,000 USDTs by non -VIP users, and the exchange added, “We did not identify a single account that gained significant profits from this incident.”
Excerpt from Binance’s preliminary survey of low market capitalization tokens. Source: Binance
Binance also emphasized the role of Market Makers (MM) in the ecosystem, and Binance added that it will continue to adjust other pairs of leverage according to market conditions.
Objects on sales of Wintermute
Altcoin Bleeding occurred on April 1 in the community speculation surrounding the sale of global algorithm trading firm Wintermute, which clears several Altcoin positions on April 1.
Some market observers even suggested that sales were due to hacking, but many expressed confusion about the reason for the root cause of sales.
Defi Kadic said, “MMS has grew up hacking, bankruptcy or someone’s difficult margin.
Some also speculated about Wintermute interacting with USD1 Stablecoin of the World Liberty Financial.
source: Degen Arc
X users said, “This is a major deal, so it is destroying all assets that do not comply with or match the new brand direction of institutional players,” X users insisted.
Wintermute co -founder and CEO Evgeny Gaevoy denied the company’s participation in the Altcoin massacre in social media exchange with X User ILIKEBLOCKS on April 1.
Gaevoy said, “We are not worth it, but I am curious about the post mortar.
Source: ILIKEBLOCKS and Wintermute Co -founder and CEO EVGENY GAEVOY (Wishfulcynic)
ILIKEBLOCKS later posted to regret the initial charges of Wintermute.
“They are making the market better for us, and they are not actually shaded compared to their competition,” he added.
Cointelegraph approached Wintermute for opinions on market behaviors, but did not receive a response at the time of publication.
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