In the past few hours, Binance, one of the world’s leading cryptocurrency exchanges, has been the scene of a highly unusual market event. In the space of a few minutes, a number of mid- and small-cap altcoins, many of which were recently listed, have suffered double-digit price drops, shaking up the crypto community and raising questions about the possible causes.
Among the hardest hit coins was Act 1 The Prophecy (ACT), a meme coin based on the Solana blockchain, which saw its value plummet by around 50% in an incredibly short period of time. But ACT wasn’t the only victim of this sudden wave of sell-off. Small-to-medium-value DeFi protocols like DEXE and DForce’s DF also suffered significant losses, with both tokens seeing a drop of around 20% in just a few minutes.