The native token EDGE of decentralized derivatives exchange edgeX began plunging sharply on June 1. On Binance, it briefly fell from $1.1424 to $0.3208, hitting a daily low; the drop was nearly 70%. On June 2, edgeX published an official statement on X confirming that it has noticed “sudden abnormal price fluctuations,” saying it is actively investigating the cause, and warning users to be wary of unverified speculation.
EDGE Plunge Timeline: Dropping From $1.14 to a $0.32 Low, Then Partially Rebounding
Wu Blockchain reported on June 1 that EDGE’s trading price on Binance fell from $1.1424 to $0.6115 (a drop of about 46.8%), before continuing downward to a daily low of $0.3208, with an intraday drop of nearly 70%. CoinGecko data shows EDGE is currently reported at $0.7501, with a 24-hour drop of 42.2%; earlier that day it briefly touched a low of $0.4015. After hitting the intraday low, the token saw a partial rebound; market data indicates it once traded at about $0.64, but it still remains far below the valuation levels before the selloff.
Key Points From edgeX’s Official Statement: Confirming the Investigation, No Root Cause Yet
In a statement on its official X account, edgeX confirmed the following: it has noticed sudden abnormal fluctuations in the EDGE token price; it is actively investigating the cause of the incident; once it obtains precise information, it will publish updates as soon as possible; it urges users to focus only on official channels and avoid believing unverified claims and rumors circulating in the community. As of the statement release on June 2, edgeX had not provided any official explanation for the plunge, nor confirmed community rumors such as “team dumping” or “project shutdown.”
Liquidation Data: Among $2.81 million, Longs Absorb 70%
According to CoinGlass data, within the first hour after the crash, the total liquidation amount for EDGE-related contracts reached $2.81 million: $1.96 million for long liquidations (about 70%), and about $849,000 for short liquidations. This suggests that traders who held long positions before the selloff took the bulk of the losses.
Common Questions
What specific progress commitment did edgeX’s official statement make?
In its official statement, edgeX said it would “publish updates as soon as possible after verifying the information,” but it did not provide a specific timeline commitment. As of June 2, the official had not released any further investigation progress or root-cause explanation.
What level is the $2.81 million liquidation size for a small-cap token?
A one-hour liquidation scale of $2.81 million is significant for a small-cap token. With longs accounting for more than 70%, it reflects that this selloff caused asymmetric long losses in the market, with traders who had built long positions bearing most of the liquidation pressure.
Why did this incident trigger widespread speculation in the community?
During EDGE’s plunge, edgeX provided no official explanation. The information vacuum led community members to fill in various unverified claims, including rumors of the team dumping tokens and the project shutting down. In its statement, edgeX explicitly denied any confirmation of those claims before the investigation was completed, and warned users to avoid taking action based on rumors.
