{"id":20060,"date":"2025-04-01T15:16:38","date_gmt":"2025-04-01T15:16:38","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20060"},"modified":"2025-04-01T15:16:38","modified_gmt":"2025-04-01T15:16:38","slug":"multiple-altcoins-crash-on-april-fools-day-crypto-market-holds-steady","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20060","title":{"rendered":"Multiple altcoins crash on April Fools\u2019 day, crypto market holds steady"},"content":{"rendered":"
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\"Multiple<\/p>\n

A number of altcoins and memecoins saw a sharp sell-off on April Fools\u2019 Day, April 1, with some tokens, including Act I The AI Prophecy, dropping nearly 60% in minutes.<\/p>\n

Act I The AI Prophecy (ACT), a token associated with the eponymous project focused on artificial intelligence, plunged 58% from $0.19 to $0.08 in less than an hour on April 1, with its market cap shedding $96 million, according<\/a> to data from CoinMarketCap.<\/p>\n

The sharp drop of ACT came along with notable red action in the altcoin market<\/a>, with memecoins like sudeng (HIPPO), CZ\u2019S Dog (BROCCOLI), Kishu Inu (KISHU), DeXe (DEXE<\/a>), dForce (DF) and more seeing significant price declines.<\/p>\n

\"Cryptocurrencies,
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Cryptocurrency market at a glance. Source: Coin360<\/em><\/p>\n<\/figcaption><\/figure>\n

The broader crypto market hasn\u2019t reacted negatively to panic in altcoin markets, with major cryptocurrencies like Bitcoin (BTC<\/a>) remaining green at the time of writing.<\/p>\n

Act I \u201cfully aware of the situation\u201d\u00a0<\/h2>\n

The massive drop in the ACT token has not gone unnoticed on social media, with Act I taking to X to assure its community that the project is fully aware of the current situation.<\/p>\n

\u201cOur team is actively investigating and working collaboratively with all relevant parties to address this matter,\u201d Act I wrote<\/a>, adding that it also started developing a \u201cresponse plan\u201d with its trusted partners.<\/p>\n

\"Multiple
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Source: Act I The AI Prophecy<\/em><\/p>\n<\/figcaption><\/figure>\n

Some crypto commentators linked the sudden price movement to a margin update by Binance.<\/p>\n

Binance\u2019s leverage update triggers a $3.8 million whale liquidation<\/h2>\n

According to data from the blockchain analytics tool Lookonchain, Binance\u2019s update of leverage and margin tiers on tokens like ACT on April 1 has triggered some massive liquidations among whales.<\/p>\n

\u201cBinance updated leverage and margin tiers on tokens like ACT \u2014 and a whale got liquidated for $3.79M at $0.1877,\u201d Lookonchain said<\/a> in an X post.<\/p>\n

\"Multiple
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Source: Lookonchain<\/em><\/p>\n<\/figcaption><\/figure>\n

According to a blog post by Binance, its derivatives platform, Binance Futures, updated<\/a> to leverage and margin tiers for pairs such as ACT versus Tether USDt (USDT<\/a>) at 10:30 UTC.<\/p>\n

Related: <\/strong><\/em>Listing an altcoin traps exchanges on \u2018forever hamster wheel\u2019 \u2014 River CEO<\/strong><\/em><\/a><\/p>\n

The update affected existing positions opened before the update, potentially leading to some position expirations, Binance noted.<\/p>\n

Speculation over Wintermute selling<\/h2>\n

The altcoin bleeding came amid community speculation surrounding selling by the global algorithmic trading firm Wintermute, which reportedly liquidated<\/a> multiple altcoin positions on April 1.<\/p>\n

Some market observers even suggested that the selling was due to a hack, while many expressed confusion over possible reasons for the selling\u2019s root cause.<\/p>\n