It’s April 1st, but no one in the ACT community is laughing. What looked like a normal, steady-growing memecoin took a brutal hit this morning. The price of ACT – short for Act I: The AI Prophecy – plunged by more than 50% on Binance within minutes.
While it might looks like a glitch or a joke at the first glance, the number are real. ACT dropped from around $0.18 to $0.08 in less than half an hour. Just like that, nearly $100 million in market cap vanished.
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A Sell-Off That Came Out of Nowhere
The first signs of trouble appeared around 10:30 UTC. Massive sell orders hit the ACT/USDT pair, wiping out liquidity and sending the price into freefall. What happened?
Some people suggested that a trading algorithm linked to Wintermute, a major market-making firm, may have malfunctioned or been liquidated. That would explain the speed and scale of the sell-off. But Wintermute’s CEO was quick to shut that down, saying the bot wasn’t theirs and that they only started reacting after the crash had already begun:
Binance Quietly Changed the Rules
The most convincing explanation right now points to Binance. Just a few hours before the crash, Binance updated its margin and leverage rules for several altcoins – including ACT. These changes affected existing positions, not just new ones. Traders had less than three hours to adjust.
According to blockchain data from Lookonchain, one ACT whale was liquidated for nearly $3.8 million. This forced sale created a domino effect. Prices dropped, triggering more liquidations, which dropped the price even more. A few large players get liquidated, and the whole thing spirals out of control.
Several other tokens also seem to have been affected by the same update, directly or indirectly. PNUT, KAVA, DeXe, TST, and others saw their prices drop sharply alongside ACT:
ACT Holders Left in Shock
The ACT community didn’t see this coming. A lot of people were holding because they believed in the project’s AI narrative. To their credit, the ACT team did respond quickly. They posted on X:
Where Things Stand Now
At the time I’m writing this, ACT is hovering around $0.09. That’s more than 50% down in a single day. The team is still quiet about what comes next.
Whether ACT can recover is hard to say The price may stabilize, but after a crash like this, the damage runs deeper than just the charts.
Read also: Pi Network Falls To $0.80 – Is There Any Way Back?
