DeXe (DEXE) suffered one of the most brutal crashes in crypto this year, plummeting more than 80% in a single day after wallets reportedly tied to the project team moved roughly $6.2 million worth of tokens to Binance just hours before the collapse. The token, which had been riding an extraordinary rally, went from trading near $36 at the start of the session to as low as $4.80, wiping out nearly all the gains that had pushed it to an all-time high of $48.89 on July 13.
On-chain data from blockchain analyst morsyxbt traced the outflows to two Gnosis Safe multisig wallets – a setup commonly used by project treasuries. One wallet sent 371,309 DEXE (~$3.9 million) to an intermediate address before forwarding $3.68 million to a Binance hot wallet. A second safe moved 253,690 DEXE (~$2.66 million), landing $2.51 million on the exchange shortly after. Combined, the deposits occurred roughly 14 hours before the price collapse, sparking panic among traders who viewed the transfers as a sign of an insider cash-out.
The sell-off triggered a cascade of liquidations. Funding rates turned deeply negative, and leveraged positions incurred six-figure losses as forced market orders further accelerated the decline. Trading volume surged nearly 290% during the worst phases, confirming concentrated selling rather than a broad market event. While the wider crypto market remained stable, DEXE’s isolated crash became one of the day’s biggest talking points.
The token’s technical picture turned severely bearish. The 7-period RSI plunged to around 27–30, signaling extremely oversold conditions. MACD began to flatten, suggesting the pace of selling was slowing, though the price continued to hug the $4–5 region. Immediate support was identified near $4.00–$4.50, with resistance at $7.50 needed for any meaningful recovery.
The crash followed an 18x rally that started in February when DEXE traded at $1.80. A ChangeNOW listing on July 9 ignited a short squeeze, with on-chain metrics showing a spike in new wallets and whale transactions, indicating strong buyer interest. Yet Santiment had warned of elevated selloff risk a day earlier, flagging the large exchange inflows. As of now, the DeXe team has not issued a statement addressing the wallet movements or the price collapse, leaving the market to question whether further selling awaits.
