The BR token, part of the Binance Alpha program, experienced a sharp price decline triggered by high liquidity withdrawals. Social media is abuzz discussing the reasons behind this event.
Mass Liquidity Withdrawals
On Wednesday, June 19, the Bedrock (BR) token saw its price fall by more than 50% after 26 addresses withdrew nearly $50 million in liquidity. User @ai_9684xtpa reported that liquidity was withdrawn within just 100 seconds. Three of these addresses held over $1 million in tokens, while 13 held more than $500,000.
Market Impact and Consequences
The rapid withdrawal of liquidity triggered a price collapse, with BR currently trading 44% lower over the past 24 hours. The coordinated nature of these whale transactions has raised suspicions of collusion, though there are also theories suggesting that the tokens may have belonged to team members or rogue insiders.
Criticism of Binance Alpha Program
The Binance Alpha program, aimed at promoting emerging projects, has faced criticism following this incident. Traders have claimed that Alpha participants are receiving all rewards, while the recent events surrounding the BR token have led to allegations of potential pump-and-dump schemes, where prices are artificially inflated before significant sales.
The BR token on Binance Alpha has become a focal point of attention after massive liquidity withdrawals led to a sharp price decline and criticism of the program. This situation highlights the need for caution in the volatile cryptocurrency market.
