The crypto exchange pointed out that they recently took "the initiative to take preventive measures to adjust leverage multiples downward.” Related Reading: Crypto Analyst Calls Dogecoin Chart A Beauty’ As Key Indicators Align "Binance Contracts has recently issued consecutive adjustment announcements for the ACTUSDT perpetual contract, during which there was no market movement and no active reduction of any user’s position,” the post detailed.
Analyst Altcoin Sherpa suggested that a price bounce for ACT seems likely but noted that "ppl might realize that they don’t really want to hold this coin and view this as a forced rebalance event.Nobody buying.Nobody selling.” No April Fool’s Joke As Binance posted about a different April Fool’s joke, investors started to speculate what caused the sudden bleeding, with some joking that the prank had gone too far.
Six hours later, Binance Customer Support replied to Wu Blockchain’s report, revealing that the reason for the dump was that three VIP users cross-sold tokens worth 514,000 USDT in the spot market and a non-VIP user transferred a large amount of ACT from other platforms and sold 540,000 USDT worth of the token in a short period.
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