Crypto Markets: The April Fools’ Day Massacre

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Crypto Markets: The April Fools’ Day Massacre 🤣

Crypto Markets: The April Fools’ Day Massacre

Ha! April Fools’ Day and the crypto markets are playing a cruel joke on us all! 🤣 A number of altcoins and memecoins saw a sharp sell-off on April 1, with some tokens, including Act I The AI Prophecy, dropping nearly 60% in minutes. It’s like the market was saying, “Gotcha!” 🤣

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 to data from CoinMarketCap. One can only imagine the looks on the faces of those who invested in this “AI prophecy” 🤣

The sharp drop of ACT came along with notable red action in the altcoin market, with memecoins like sudeng (HIPPO), CZ’S Dog (BROCCOLI), Kishu Inu (KISHU), DeXe (DEXE), dForce (DF) and more seeing significant price declines. It’s like the whole altcoin market was playing a game of ” Musical Chairs” 🎶, but instead of chairs, it was altcoins being sold off left and right!

The broader crypto market hasn’t reacted negatively to panic in altcoin markets, with major cryptocurrencies like Bitcoin (BTC) remaining green at the time of writing. It’s like the market is saying, “Don’t worry, folks, we’ve got this!” 🙏

Act I “fully aware of the situation” 

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. One can only imagine the team’s faces when they saw the price drop 🤣

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Binance’s leverage update triggers a $3.8 million whale liquidation

According to data from the blockchain analytics tool Lookonchain, Binance’s update of leverage and margin tiers on tokens like ACT on April 1 has triggered some massive liquidations among whales. It’s like the whales got caught in a riptide 🌊

“Binance updated leverage and margin tiers on tokens like ACT — and a whale got liquidated for $3.79M at $0.1877,” Lookonchain said in an X post. One can only imagine the whale’s reaction when they saw their position get liquidated 🐳

Speculation over Wintermute selling

The altcoin bleeding came amid community speculation surrounding selling by the global algorithmic trading firm Wintermute, which reportedly liquidated multiple altcoin positions on April 1. It’s like the market is playing a game of “Telephone” 📞, where everyone is speculating about who’s selling and why!

Some market observers even suggested that the selling was due to a hack, while many expressed confusion over possible reasons for the selling’s root cause. It’s like the market is saying, “Surprise, surprise, surprise!” 🤣

“MMs don’t just nuke their own books for fun. Either it’s a hack, insolvency, or someone is getting margin called hard,” DEFI Kadic commented. One can only imagine the looks on the faces of those who invested in these altcoins 🤣

Some also speculated about Wintermute interacting with the USD1 stablecoin by Donald Trump-linked World Liberty Financial. It’s like the market is saying, “What’s next?!” 🤔

Wintermute co-founder and CEO Evgeny Gaevoy denied the company’s involvement in the altcoin massacre on April 1 in a social media exchange with X user ilikeblocks. It’s like the market is saying, “Phew, we dodged a bullet!” 🙏

Ilikeblocks later posted to express regret for their initial allegation about Wintermute. It’s like the market is saying, “All’s well that ends well!” 🌈

CryptoMoon approached Wintermute for comment regarding the market action but did not receive a response by the time of publication. It’s like the market is saying, “Mystery solved… or not?” 🤔

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2025-04-01 18:23