EdgeX blames ‘external party’ for token crash as ZachXBT alleges insider manipulation
Onchain investigator ZachXBT claims decentralized exchange edgeX insiders controlled nearly the entire supply with a thin float.
Decentralized exchange edgeX has attributed a more than 40% collapse in its EDGE token to ‘deliberate’ market manipulation by an unnamed external party, a claim that onchain investigator ZachXBT has dismissed.
Data from CoinMarketCap shows edgeX (EDGE) plunged from roughly $1.20 to an intra-day low of $0.3663 on Tuesday, a drop of around 70%. The token is currently trading at $0.6474, down by around 45% over the past day.
In a post on X, the edgeX team acknowledged the sudden collapse in its native token, telling its community it had “observed a sudden and irregular price movement” and was actively investigating.
