On April Fools’ Day, April 1, a sharp sell-off hit several altcoins and memecoins. Act I The AI Prophecy token plunged nearly 60% within minutes.
The Fall of Act I The AI Prophecy
Act I The AI Prophecy (ACT) token plummeted 58% from $0.19 to $0.08 within an hour on April 1, shedding $96 million from its market cap.
Binance Margin Update
According to Lookonchain, Binance's update on leverage and margin tiers led to multi-million dollar liquidations. A whale was liquidated for $3.8 million at $0.1877.
Speculation Over Wintermute
Speculation arose about Wintermute's possible asset sales. Some suggested a hack or margin calls might be involved. However, Wintermute's co-founder and CEO, Evgeny Gaevoy, denied any involvement.
The crypto market remains volatile as demonstrated by sharp swings on April Fools’ Day. Major cryptocurrencies like Bitcoin were unaffected, but the situation with altcoins raised questions among market participants.
