The Sudden Collapse of ACT… What Happened?
The ACT currency dropped by more than 50% within minutes on April 1, shaking the community significantly. But what is the real reason behind this fierce decline?
In short:
• Binance suddenly adjusted the leverage for the ACT contract, and the decision was implemented immediately without warning.
• This change led to the liquidation of a whale position worth $3.7 million, dragging the price down with it.
• At the same time, only 4 accounts sold more than $1 million worth of ACT, and the mass selling choked the market.
• ACT is a low liquidity meme coin, so any large sale significantly impacts the price.
• The team released an official statement saying they are aware of what happened and are working with partners to resolve the issue.
The ACT currency dropped by more than 50% within minutes on April 1, shaking the community significantly. But what is the real reason behind this fierce decline?
In short:
• Binance suddenly adjusted the leverage for the ACT contract, and the decision was implemented immediately without warning.
• This change led to the liquidation of a whale position worth $3.7 million, dragging the price down with it.
• At the same time, only 4 accounts sold more than $1 million worth of ACT, and the mass selling choked the market.
• ACT is a low liquidity meme coin, so any large sale significantly impacts the price.
• The team released an official statement saying they are aware of what happened and are working with partners to resolve the issue.