The ACT token price has taken a sharp plunge following a significant drop yesterday. Binance is actively investigating the reasons behind this sudden price crash, particularly focusing on suspected large-scale sell-offs of ACT tokens by its users. Preliminary investigation indicates four Binance users collectively sold over $1 million worth of ACT tokens within a short period, potentially driving down the price significantly. 4 other notable altcoins also saw substantial drops, with DEXE, DF, TST, LUMIA, KAVA, and QUICK experiencing similar declines. The resulting panic caused several traders to liquidate their open ACT futures positions further impacting the token’s price. The market witnessed a slight recovery yesterday as Bitcoin regained its position above $83,000, while overall market cap saw an increase in line with many altcoins recording substantial price surges. However, ACT was particularly impacted, dropping by around 50% within a few minutes during the Asian evening trading hours, making it stand out amongst the other falling coins. While the investigation continues to uncover the exact cause of the price drop, experts are scrutinizing whether Wintermute market maker played a role in triggering the downturn. OnchainData Nerd suggests that Wintermute’s actions selling various memecoins may have contributed significantly. Meanwhile, another user on X outlined how Binance’s adjustments to margin positions for these tokens might have ignited a chain reaction leading to the market crash. This investigation by Binance follows similar cases where large-scale sell-offs and subsequent price drops of other altcoins has led to concerns about market stability.