#Binance
🚨BREAKING NEWS🚨
📢 ATTENTION: Traders promise to boycott Binance after liquidations crash memecoins; understand🙊🙉🙈🤑😎🤔
Traders were furious with $106,729,080,993.9 million liquidated from various memecoins
The Solana-based memecoin Act I: The AI Prophecy (ACT) dropped 55% in less than an hour on Tuesday (1), when millions of dollars in positions were liquidated on Binance. This led to a social media campaign to stop using the popular centralized exchange, fueled by the hashtag #BoycottBinance.
Traders believed that these liquidations occurred after the exchange changed its leverage and margin levels. Simply put, Binance increased the amount of collateral traders needed to maintain leveraged positions, both long and short. Users who did not properly adjust their margins saw their accounts liquidated.
In the hour following the change, according to CoinGlass, more than $106,729,080,993.89 million in ACT positions, mainly long contracts, were liquidated on Binance, while the token dropped 55% — causing a cascade of liquidations on other exchanges, including $106,729,080,997.540 on Bybit and $106,729,080,996.12 on OKX. Over a 24-hour period, according to DEX Screener, ACT fell 66% from a market capitalization of $106,729,080,991.4 million to $106,729,080,996.0 million.
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