In early March 2026, amid the volatile cryptocurrency market, Power Protocol’s ($POWER) native token experienced a shocking overnight collapse: its price plummeted from roughly $1.86 to around $0.17, wiping out more than 90% of its value in just a few short hours. What happened? (Recap: Jane Street Accused of “Dumping at 10 A.M. Every Day” to Manipulate the Crypto Market—Bitcoin Soars 10% Instantly After Lawsuit Is Filed) (Background Supplement: The Real Story Behind the LUNA Collapse? Terraform Labs Sues Wall Street Firm Jane Street Over Alleged Illegal Dumping of $85 Million UST) Power Protocol ($POWER), an infrastructure project focused on the blockchain gaming and entertainment ecosystem, saw its native token undergo dramatic price fluctuations between March 3 and 4, 2026. According to on-chain data and market monitoring, the token’s price plunged from a high of approximately $1.86 to around $0.17—a drop of over 90%, resulting in a massive contraction of its market capitalization. The Sequence of Events: Large-Scale Transfers Trigger Market Panic According to reports citing on-chain tracking tools like Arkham Intelligence, multi-signature wallets closely associated with the project—such as address 0x027A…cd6c and related addresses like 0x9D70…a9d63—moved a total of roughly 30 million $POWER tokens in batches to exchanges between the evening of March 3 and the early morning of March 4. About 20 million of these tokens were sent to Bitget, while 10 million were transferred to platforms like MEXC. The transfers stretched over several hours, with individual transactions ranging from several million to tens of millions of tokens. In the crypto community, such large-scale token movements from addresses suspected to be linked to the project into centralized exchanges (CEXs) are often viewed as potential sell-off signals. Shortly after the transfers were completed, the price of $POWER began to plunge rapidly, triggering a cascade of stop-loss orders and panic selling. The 30 million $POWER tokens (worth $16.23 million) that had been moved from team-affiliated multi-signature wallets—0x027A…cd6c—to Bitget and MEXC over the past night and early morning caused the $POWER token (Power Protocol) to crash by 90%, dropping from $1.86 to $0.17. ◎Between 11 p.m. last night and 9 a.m. this morning, 30 million POWER tokens were transferred from the team-linked multi-signature wallet 0x027A…cd6c to Bitget and MEXC—of which 20 million went to… pic.twitter.com/9VWqLdfCH8 — 余烬 (@EmberCN) March 4, 2026 Notably, before the sharp decline, $POWER had briefly surged in late February to early March, reaching a peak of around $2.3–$2.46, with its market cap once approaching the hundreds of millions of dollars mark. However, after the transfer incident came to light, the price collapsed by more than 90% within just over ten hours, currently hovering in the $0.17–$0.19 range. Although 24-hour trading volume remained relatively high, most of the activity was driven by selling, leading to widespread speculation within the community about “rug pulls” or “dumping.” Project Background and Potential Impacts Power Protocol positions itself as the shared-economy layer for Web3 games, using the $POWER token to connect multiple games—such as the flagship title Fableborne—with studios and applications, offering in-game currency, protocol fuel, and incubation resources. The project has received $3 million in funding from institutions like Bitkraft Ventures and has deployed across multiple chains, including Ronin and BNB Chain, attracting over 400,000 players to participate in testing. However, this incident has dealt a severe blow to market confidence. Many investors worry that large-scale moves by the team or early holders could jeopardize the project’s long-term development. While the official team has yet to issue a public response to the transfer event, the community is calling on the project to quickly clarify the ownership of the wallets involved and the rationale behind the transfers, in order to restore transparency. Related Reports Buying ZEC to Dump BTC? The Four Major Industry Truths Behind the Privacy Coin Surge CZ Responds to Four Major FUD Rumors: Polymarket Fake Posts, Binance Dumping, the Super Cycle, and SAFU—Buying BTC The Ethereum Foundation Dumped 10,000 ETH “To Sponsor Development,” Sending the Price Below $4,300; Before the Announcement, the Tokens Had Already Been Transferred to Kraken “$POWER Plummets 90% Overnight! Power Protocol Team Drags 30 Million Tokens Into Exchanges!” This article was first published on BlockTempo, a leading blockchain news outlet in the dynamic crypto space.