DeXe Price Crashes 85% After Team Wallets Move $6M to Binance
- DEXE fell roughly 85% from its July 13 all-time high of $48.89, trading near $4-5.
- Two wallets tied to the DeXe project deposited a combined $6 million or more in DEXE to Binance shortly before the collapse.
- Trading volume jumped nearly 300% during the sell-off, pointing to concentrated selling rather than a market-wide event.
- No hack or exploit has surfaced, but traders are calling the move a rug pull.
DEXE, the governance token of the DeXe Protocol, lost most of its value in a matter of hours on July 22 after two wallets connected to the project sent a combined $6 million or more in tokens to Binance. The token had rocketed from $1.80 in February to nearly $48 in early July, then reversed just as fast, dropping to around $4 and wiping out roughly 85% of its value from the peak. The speed of the collapse, paired with the size of the deposits, has traders across crypto forums asking whether this was an orderly correction or an inside job.
A ChangeNOW Listing Sparked an 18x Squeeze in Four Days
DeXe Protocol builds no-code infrastructure for launching decentralized autonomous organizations, letting communities manage treasuries and voting on-chain without writing custom code. The token itself had traded quietly for years before a July 9 listing on the instant-swap platform ChangeNOW gave it fresh exposure. Within a day, DEXE broke out of a bullish pennant pattern, a setup traders watch for continuation after a sharp initial move. That breakout ran straight into a wall of short positions built up during the prior grind, and the forced buying from traders covering those shorts added fuel to a rally that was already accelerating. By July 13, DEXE had printed a record $48.89, an 18-fold gain in about five months.
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