Solana meme coin Act I: The AI Prophecy (ACT) crashed 55% in less than an hour on Tuesday, as millions of dollars worth of positions were liquidated on Binance. This has led to a campaign across social media to stop using the popular centralized exchange, spurred on by the hashtag #BoycottBinance.
Traders believed these liquidations came following the exchange changing its leverage and margin tiers. Put simply, Binance increased the amount of collateral traders needed to keep leveraged positions open, both long and short. Users who didn’t adjust their margin accordingly saw their accounts liquidated.
In the hour following the change, according to CoinGlass, over $3.89 million worth of ACT positions, mostly long contracts, were liquidated on Binance as the token tumbled 55%—causing a cascade of liquidations across other exchanges, including $785,540 on Bybit and $612,600 on OKX. Over a 24 hour period, according to DEX Screener, ACT fell 66% from a $179.4 mill...
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