Altcoins Plummet on Binance: Is ACT Memecoin the New April Fools’ Joke?

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Altcoins Have a Case of the Mondays on Binance

Oh, hello there, didn’t see you come in. Just here watching the crypto market do its best impression of a rollercoaster. Tuesday morning on Binance, several altcoins decided to take a dive, like they were training for the next Olympics in synchronized swimming. 🏊‍♀️🏊‍♂️ Investors were left scratching their heads, trying to figure out if they missed the memo about the new dance move: The Altcoin Fumble.

Among the fallen was Solana’s own memecoin, Act I: The AI Prophecy (ACT), which dropped faster than a teenager’s phone in a pool. 😅ACT, once worth a cool $722 million, spent most of March playing ping-pong between $0.18 and $0.19. But then, in a blink and you’ll miss it moment, it freefell from $0.189 to $0.087. That’s a 53% nosedive! Someone call the SEC, we’ve got a case of gravity gone wild.

And it wasn’t just ACT. Other tokens like DEXE, KAVA, DF, HIPPO, BANANAS31, LUMIA, TST, and QUICK decided to join the party, each shedding between 10% and 35% of their value. It was like a bad day at the salon for these altcoins.

The ACT team popped their heads up to say, “Hey, we see you. We’re on it.” They’re working with the big kids to figure out what the heck happened. 🕵️‍♂️

Altcoin Sherpa, the analyst with the crystal ball, thinks ACT might bounce back. But he’s also like, “Nah, probs not. Who even wants this coin?” It’s like when your friend offers you a bite of their mystery sandwich. You’re like, “I’m good, thanks.”

This Ain’t No Joke, Folks

While Binance was pulling pranks for April Fool’s, the crypto community was playing detective. 🕵️‍♀️ Some thought Wintermute was behind the massacre, like a crypto version of Jason Voorhees. But Wintermute’s CEO was all, “Nah, bro. Not us. But we’re curious too.”

Lookonchain suggested Binance’s recent update on leverage and margin tiers might be the culprit. It’s like when your bank changes the interest rates and suddenly your savings account looks like a black hole.

Six hours later, Binance Customer Support was like, “Oh, it was just a few VIPs and a non-VIP selling a ton of tokens. No biggie.” 🙄 So, there you have it. The market equivalent of someone pulling the fire alarm in a crowded theater.

As a result, the crypto market did the thing it does best: freak out. Futures contracts were closed, and other altcoins followed ACT into the abyss. Binance, ever the responsible parent, said they’re looking into it and will keep us posted. Meanwhile, they’re like, “Guys, be careful out there.”

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2025-04-02 12:42