ACT Memecoin Crashes 50% As Several Altcoins Suddenly Tank On Binance – What’s Going On?
Summary
Several altcoins experienced significant price drops on Binance, with some plunging up to 50%. The memecoin Act I: The AI Prophecy (ACT) fell from $0.189 to $0.087, a 53% decrease. Other tokens like DEXE, KAVA, and HIPPO also lost between 10% and 35% of their value. The ACT team is investigating the situation and developing a response plan. Speculation arose that Binance's recent adjustments to leverage and margin tiers contributed to the crash. Binance revealed that three VIP users sold tokens worth 514,000 USDT, and a non-VIP user sold 540,000 USDT of ACT, triggering further declines. Binance emphasized ongoing investigations and advised caution due to market volatility.
