DEXE Plummets 96% as On-Chain Flows Trigger Market Speculation

On-chain analyst Ai Yi highlighted the severity of the decline, noting that the most aggressive sell-off occurred on July 21, when the token dropped 88% within a single trading session. The investigation centers on six distinct transfers totaling 797,917 DEXE to Binance starting July 13. While these assets were valued at approximately $6.15 million at the time of movement, their worth would have exceeded $39 million had they been positioned for trading before the price began its descent.

The findings point to Ceffu’s MirrorX service, which allows institutions to trade assets while keeping them in custody, potentially obscuring the timing of actual sales. Although the analyst traced connections between DEXE, Falcon Finance, and DWF Labs, no definitive evidence links these entities to the crash. The project’s own treasury appears untouched, leaving the origin of the liquidated tokens unclear. This episode mirrors recent volatility seen in tokens like LAB and Humanity Protocol, where transparency concerns and insider holding allegations have fueled rapid, investor-driven sell-offs.