The #BoycottBinance hashtag has been trending on X (formerly Twitter) as crypto investors express outrage over the price crashes of multiple altcoins listed on Binance.

Users claim the exchange is engaging in pump-and-dump schemes, with analysts and traders pointing out significant market manipulation.

🚨UPDATE: #BoycottBinance gains traction on ‘X’ as users alleging #Binance manipulates altcoin prices through futures trading and market-making strategies.

For More Updates: https://t.co/Qii434pFDC#CryptoNews #CoinEdition #UPDATE pic.twitter.com/wkdz1Z14qU

— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) April 2, 2025

What Specific Allegations Are Being Made Against Binance?

Crypto analyst Jesus Martinez directly accused Binance of causing massive liquidations related to certain altcoins listed on its derivatives platform. In prior posts on X, he had warned traders, stating his belief that Binance sometimes engages in “very dirty tactics.”

Another influential trader known as “Altcoin Whale (Bitcoin)” shared a chart depicting the abrupt price collapse of several altcoins shortly after they were introduced on Binance. Examples cited included the Act I: The AI Prophecy (ACT) token and GUNZ (GUN)

Binance is heavily manipulating the market. Things are getting worse as they keep listing useless memes on Binance Chain while ignoring truly potential ones. This causes panic among retail investors. I hope they change their approach soon, or we’ll keep seeing more selloffs.

— Altcoin Whale ( Bitcoin ) (@AltcoinWHALE0) March 30, 2025

Coinglass liquidation data further highlights the scale of volatility. The service reported the largest single liquidation order across all markets in the past 24 hours occurred specifically on Binance’s ACT/USDT perpetual futures pair, wiping out a $3.79 million long position.

Critics argue Binance potentially manipulates new altcoin prices through mechanisms related to its futures contracts or internal market-making strategies. They allege this leads to extreme price swings that often hurt retail investors who buy into the initial listing excitement.

Related: Trading GUNZ After Binance Listing? Key Levels to Watch on April 2

Crypto analyst Crypto Sheriff described the situation as “an unfunny April Fools joke on crypto investors.”

Another market observer, “Blockchain Blob,” went further, advising traders to consider automatically shorting any coin about to be listed on Binance, controversially calling it “risk-free” from what is now a predictable post-listing price crash phenomenon.

P.S: if you are a newbie and you want to make risk free cash, short any coin about to be listed on finance…it’s that simple 😂

You need proof?? 👇

See what they did to $HIPPO and $ACT…lol pic.twitter.com/5NGJHSntwp

— Blockchain Bob (@blockchainbob) April 1, 2025

As per CoinMarketCap data, the ACT token plummeted 63.47% over the past 24 hours. At press time, ACT trades near $0.06908. Meanwhile, GUN is down 26.16% over the same period and is priced around $0.05701.

How Are Projects and the Community Responding?

In response, the ACT team issued a statement acknowledging community concerns, claiming that the price movement was outside their control. They assured investors of their commitment and promised to release a postmortem report after thoroughly analyzing the situation.

Many within the broader crypto community view this recurring controversy surrounding centralized exchange listing practices as an opportunity for decentralized exchanges (DEXs) to potentially gain more user traction over time.

Related: Is Binance Becoming Bitcoin’s Bank? STHs Trade Elsewhere, Data Suggests

One market participant noted on X that if major centralized exchanges continue listing potentially low-quality tokens (termed “shitcoins” by the user) that experience extreme volatility or rug pulls, it will ultimately drive more innovation and user adoption towards decentralized finance (DeFi) platforms and help shift market power away from centralized intermediaries.

While such a transition likely takes considerable time, proponents of decentralization believe these recent events reiterate the fundamental arguments favoring user self-custody of assets and the use of transparent, non-custodial decentralized trading platforms.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.



Read the full article here

Share.

Leave A Reply

Exit mobile version