Recently, several altcoins on the cryptocurrency exchange Binance experienced sudden and sharp price drops, drawing the attention of market participants and sparking discussions about potential causes of this event.
Sudden Altcoin Drops
Within minutes, the ACT/USDT pair lost more than 50% of its value, while DEXE/USDT fell by 23%, and DF/USDT dropped approximately 16%. These declines were triggered by large-scale sell orders executed over a short period, which led to a spike in the trading volumes of these altcoins on Binance.
Possible Causes of the Incident
There is a theory that these declines may have been caused by the decentralized cryptocurrency exchange Hyperliquid. Just before this, unknown 'whales' suddenly opened large short positions in a low-cap altcoin called JELLYJELLY on Hyperliquid, aiming to deliberately crash it and inflict losses on Hyperliquid. It is suggested that Hyperliquid might have triggered the recent declines in response to these actions.
Reactions and Rumors
At present, neither side has made an official statement on the matter. The crypto community continues to discuss it, and more detailed information about the incident is anticipated.
Despite the lack of official comments, this situation is a cause for concern and requires further monitoring. Market participants hope for clarification on the reasons behind this sudden altcoin drop on Binance.
