$CHEEMS The sudden flash crash this morning really caught people off guard!
Binance suddenly closed withdrawals, the arbitrage channels on-chain and CEX were directly cut off, the price plummeted instantly, and some people took advantage of the chaos to sell off their long positions, a classic liquidity trap.
Fortunately, quick reactions allowed for profit-taking; this kind of meme coin is highly volatile, and one can never shout enough, timely exit is the way to go.
