- A cryptocurrency whale lost $2.17 million after $ACT token’s value dropped from $2.49 million to $320K.
- The $ACT token’s price plunged 62% within 24 hours, causing $120 million in trading volume.
- The ACT flash crash led to $3.79 million in liquidations, with 113,712 traders affected.
A cryptocurrency whale has suffered a staggering loss of $2.17 million following a major crash of the $ACT token. The whale had withdrawn 4.58 million $ACT tokens from Binance four months earlier when the entire amount was approximately $2.49 million. However, the recent downfall of the price of the token severely affected the portfolio of the whale.
According to Lookonchain, the value of the 4.58 million ACT tokens dropped as low as $320K, an indication of the volatility of the digital currency market. The drastic drop is an indication of the risks of investment in highly volatile assets, particularly for large investors who are affected significantly by market volatility.
Trading volume surges as $ACT sell-off
Following the crash of $ACT, its price reduced to $0.0712 from the initial price of $0.189 in 24 hours, representing a decrease of 62%. This resulted in a surge of trading volume to 120 million dollars, which is much above its previous daily average of 20 million dollars. The biggest bullish volume from the dollar pairs came first from $ACT/USDT, then $ACT/BTC, and finally $ACT/ETH.
On-chain data showed a sharp rise in ACT transactions, with over 10,000 recorded in a single day, up from an average of 2,000. The increase indicates panic selling among investors, and this may continue to drive prices downward as long as there is strong selling pressure.
$ACT Flash Crash Triggers $3.79 Million Liquidations
Market indicators on April 2, 2025, reflect the severity of the crash. The Relative Strength Index (RSI) for ACT dropped to 12, indicating extreme oversold conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) confirmed bearish sentiment with a significant crossover. A ‘death cross’ signal was also observed in the $ACT/BTC trading pair on Binance.
Also, active addresses trading against ACT surged from 500 to over 3,000, reflecting heightened sell activity. As traders prefer USDT pairings when they are liquidating, market sentiment is very bearish, and this reflects an extended downtrend of ACT unless there is a concrete catalyst to turn the trend around.
According to Coinglass, the ACT flash crash resulted in $3.79 million worth of liquidations. Spot traders were also affected, as their positions were more than halved. In the entire market, 113,712 traders were liquidated and total liquidations reached $274.25 million within 24 hours.
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