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Waves just experienced an almighty flash crash on Binance, plummeting right down to 1 Satoshi before regaining to previous levels in mere minutes.
Waves just witnessed one of the most dramatic flash crashes witnessed in crypto history. The Crash appears to be confined to Binance alone, citing sell volume of around $530k at the time.
Chart provided by Tradingview
It's unclear what caused the crash, but one could speculate that it was likely due to a massive sell-off. Regardless of the reason, Twitter was quick to point it out:
Looks like $WAVES found its bottom. 😃🤣#LifeChangingMoney#CryptoFlashCrash pic.twitter.com/RS3jeaBDuk
— CryptoBitcoinChris (@CryptoBTC_Chris) April 17, 2019
muh thicc binance books
— starbust (@inversebrah) April 17, 2019
look at dat volume on this wick af ^_^ pic.twitter.com/VasnWOjfOL
One crypto commentator known as Emptybeerbottle, noted that this is why setting extremely low buy orders is a very good idea:
Why keeping some stupidly low buy orders on coins is a good idea. https://t.co/eNuBNfjQLh
— Emptybeerbottle (@Fullbeerbottle) April 17, 2019
the person who dumped his $WAVES right now: pic.twitter.com/flFsOdd8Nu
— CryptoTutor (@CryptoTutor) April 17, 2019
$waves massive flash crash @cz_binance thoughts?
— I died (@marantzest50) April 17, 2019
Both Binance and it’s CEO, CZ, are yet to respond to this crash.
This isn’t the first time an altcoin has reported a flash crash. Back in June 2017 Ethereum ($ETH) crashed from its then price of $320, all the way down to $0.10 on Coinbase pro in less than a second following a whale dumping 35,000 $ETH in one go.
Amazingly, one Twitterati managed to capture on video:
That one time an #Ethereum whale dumped 35,000 tokens and made a bunch of people millionaires. This video shows it go from $320 to $0.10 live. pic.twitter.com/Phku9S5gKA
— Ardon Lukas (@DisruptVegas) November 14, 2018
That drop occurred due to the aforementioned massive sale of $ETH which in turn triggered multiple stop-loss orders, causing a domino effect.
$ETH instantly bounced back to $300, giving some lucky and quick-witted investors instant returns of 300,000%.
One such trader managed to grab 3809 $ETH for a mere $0.10 per Ether…
Makes you wonder if anyone managed to get this lucky with Waves…