Altcoins and Memecoins Experience Sharp Sell-Off on April Fools' Day

Several altcoins and memecoins experienced a significant drop on April Fools' Day, April 1, with tokens like Act I The AI Prophecy plummeting by almost 60% in a matter of minutes. Act I The AI Prophecy (ACT), linked to an artificial intelligence project, saw its value crash from $0.19 to $0.08 within an hour, resulting in a $96 million market cap loss. Alongside ACT, other memecoins such as sudeng (HIPPO), CZ’S Dog (BROCCOLI), Kishu Inu (KISHU), DeXe (DEXE), and dForce (DF) also experienced significant price declines. Despite the panic in altcoin markets, major cryptocurrencies like Bitcoin (BTC) remained stable. Act I responded to the situation, assuring its community that they are actively addressing the issue and developing a response plan. The sudden price movement was linked to a margin update by Binance, resulting in a $3.8 million whale liquidation. Wintermute, an algorithmic trading firm, faced speculation regarding its involvement in the altcoin sell-off, with the company's CEO denying any connection to the market action.