{"id":126250,"date":"2025-04-01T15:19:00","date_gmt":"2025-04-01T15:19:00","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126250"},"modified":"2025-04-01T15:19:00","modified_gmt":"2025-04-01T15:19:00","slug":"multiple-altcoins-crash-on-april-fools-day-crypto-market-holds-steady","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126250","title":{"rendered":"Multiple altcoins crash on April Fools\u2019 day, crypto market holds steady"},"content":{"rendered":"

Source: Cointelegraph.com NewsA 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.
\nAct 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 to data from CoinMarketCap.
\nThe sharp drop of ACT came along with notable red action in the altcoin market, with memecoins like sudeng (HIPPO), CZ\u2019S Dog (BROCCOLI), Kishu Inu (KISHU), DeXe (DEXE), dForce (DF) and more seeing significant price declines.
\nCryptocurrency market at a glance. Source: Coin360The broader crypto market hasn\u2019t reacted negatively to panic in altcoin markets, with major cryptocurrencies like Bitcoin (BTC) remaining green at the time of writing.
\nAct I \u201cfully aware of the situation\u201d\u00a0
\nThe 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.
\n\u201cOur team is actively investigating and working collaboratively with all relevant parties to address this matter,\u201d Act I wrote, adding that it also started developing a \u201cresponse plan\u201d with its trusted partners.
\nSource: Act I The AI ProphecySome crypto commentators linked the sudden price movement to a margin update by Binance.
\nBinance\u2019s leverage update triggers a $3.8 million whale liquidation
\nAccording 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.
\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 in an X post.
\nSource: LookonchainAccording to a blog post by Binance, its derivatives platform, Binance Futures, updated to leverage and margin tiers for pairs such as ACT versus Tether USDt (USDT) at 10:30 UTC.
\nRelated: Listing an altcoin traps exchanges on \u2018forever hamster wheel\u2019 \u2014 River CEO
\nThe update affected existing positions opened before the update, potentially leading to some position expirations, Binance noted.
\nSpeculation over Wintermute selling
\nThe altcoin bleeding came amid community speculation surrounding selling by the global algorithmic trading firm Wintermute, which reportedly liquidated multiple altcoin positions on April 1.
\nSome 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.
\n\u201cMMs don\u2019t just nuke their own books for fun. Either it\u2019s a hack, insolvency, or someone is getting margin called hard,\u201d DEFI Kadic commented.
\nSome also speculated about Wintermute interacting with the USD1 stablecoin by Donald Trump-linked World Liberty Financial.
\nSource: Daniele (Degen Arc)\u201cThat being a major deal for them, they are derisking all assets that might be non-compliant or non-matching the new brand direction they are taking of an institutional player,\u201d the X user claimed.
\nWintermute co-founder and CEO Evgeny Gaevoy denied the company\u2019s involvement in the altcoin massacre on April 1 in a social media exchange with X user ilikeblocks.
\n\u201cNot us [for what it’s worth], but also curious about that post mortem,\u201d Gaevoy wrote.
\nSource: ilikeblocks and Wintermute co-founder and CEO Evgeny Gaevoy (wishfulcynic)Ilikeblocks later posted to express regret for their initial allegation about Wintermute.
\n\u201cThey\u2019re making markets better for all of us and in comparison to their competition they\u2019re really not that shady,\u201d they added.
\nCointelegraph approached Wintermute for comment regarding the market action but did not receive a response by the time of publication.
\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plungeRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsA 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%… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126250"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126250"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126250\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126250"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}