The Binance update recently sparked huge qualifications while sending Solana Memecoin to a sharp correction. Initially, Pundits blames the Wintermute market maker for the drainage drops, but it seems that the Binance update to take advantage of the levels and margin is the perpetrator.
Several altcoins on Binance suffers from huge corrections
According to X postMany Altcoins on Binance achieved great success, as it decreased by two percentages of two numbers. It was the most difficult Solana Mimikoin, and saw a sudden decrease of more than 50 % in 30 minutes.
Other altcoins including Dexe and DF equally registered at 23 % and 16 % respectively in the same window. Leaving the price decline in traders scratching their heads, but the consensus constitutes that the large sale orders were behind the declines.
“Sudden declines were implemented due to the large sales orders that were implemented in a short time frame, which led to a significant increase in immediate trading volume,” said one of Bondit.
Others have turned into the market maker in the winter as an operator for sale. However, the CEO of Wintermute Evgeny Gaevoy denied the responsibility, noting that the market maker was the “post -move” reaction.
The decrease comes amid a broader market recovery with many cryptocurrencies including the 70 % compound.
This raised a 50 % decrease for Solana Mimi currency
The Binance update at the leverage levels and margins on the specific symbols such as ACT led to the tremendous decreases. According to the announcement of April 1, Top Excination has updated the margin levels for many permanent contracts, noting that the current positions will be affected.
After this step, the ACT whale was filtered for $ 3.79 million at a price of $ 0.1877, which led to wide sale. Benson Sun, former FTX community director, noted that merchants have less than 3 hours to respond to change, and Binance criticizing this step.
“Before changing the rules, Binance should have been evaluating the number of situations to be closed,” said Sun. “If the market makers have large locations, they must notify them in advance.”
Within hours of Mubarak’s list, Memecoin fell 40 % with the CEO of Binance Changpeng Zhao, which reduces the impact of the list on prices. Binance has attracted criticism in recent days after the PI was excluded from its vote initiative to a list.
Alio Bokima
Aliyu Pokima is an encrypted journalist and a tattoo of the emerging techniques with talent to cover the stories of needing needle in space. Aliyu offers urgent news stories, organizational updates, and insightful analysis with depth and accuracy. When he does not wander in the plans or the late follow -up, Aliyu enjoys playing guitar guitar, lifting weights and ran the marathon.
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