EdgeX Token Tumbles as Much as 70%; Project Probes Abnormal Price Move
Summary
- The EdgeX (EDGE) token of a decentralized derivatives exchange tumbled nearly 70%% at one point on Binance, jolting the market.
- During the plunge, total liquidations tied to EDGE reached $2.81 million over the past hour, including $1.96 million in long liquidations and about $849,000 in short liquidations.
- EdgeX said it is investigating the cause of the sudden and abnormal price movement in the EDGE token and urged caution over unverified speculation and rumors.
Forecast Trend Report by Period
The EDGE token of decentralized derivatives exchange EdgeX jolted the market after tumbling nearly 70% at one point.
Wu Blockchain said on June 1 that EDGE fell to $0.6115 from $1.1424 on Binance, a drop of about 46.8%. The token sank as low as $0.3208 during the session, bringing its intraday loss to nearly 70%.
The plunge also triggered heavy liquidations. CoinGlass data showed total EDGE-related liquidations reached $2.81 million over the past hour. Of that, $1.96 million came from long positions, while about $849,000 came from short positions.
EdgeX posted a statement on its official X account shortly after the drop.
The project said it was aware of the sudden and abnormal price movement in the EDGE token and was actively investigating the cause. It added that it would provide updates as quickly as possible once verified information could be disclosed.
It also urged users to be cautious about unverified speculation and rumors.
After the sharp drop, unconfirmed rumors spread through the community, including speculation about large-scale selling by the project team and claims that the business could shut down. So far, however, EdgeX has not disclosed specific details on the cause of the plunge.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
