Several altcoins and memecoins suffered sharp sell-offs on April 1, with Act I The AI Prophecy (ACT) plunging 58% from $0.19 to $0.08 in under an hour, wiping out $96 million in market cap, according to CoinMarketCap.
Other tokens, including sudeng (HIPPO), CZ’S Dog (BROCCOLI), Kishu Inu (KISHU), and DeXe (DEXE), also saw significant declines.
Despite the altcoin turmoil, Bitcoin remained steady, trading in the green. Act I acknowledged the plunge, assuring its community that its team was investigating the situation and formulating a response plan.
Analysts linked the sell-off to Binance’s April 1 leverage and margin tier updates, which triggered a $3.79 million liquidation of an ACT whale position at $0.1877.
Speculation also arose about global trading firm Wintermute offloading altcoin positions, though its CEO denied involvement.
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