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- DEXE fell almost 85% from July 13 to its full price of $48.89, trading around $4-5.
- Two wallets tied to the DeXe project invested $6 million or more in DEXE to Binance last fall.
- Trading volume jumped nearly 300% during the trading session, pointing to a sell-off rather than a market rally.
- No hacking or vandalism has been reported, but traders are calling the move a drag.
DEXE, the DeXe Protocol’s leadership token, lost most of its value in a few hours on July 22 after two wallets associated with the project sent $6 million or more in tokens to Binance. The token went from $ 1.80 in February to about $ 48 in early July, then quickly returned, falling to $ 4 and wiping almost 85% of its value at the peak. The speed of the fall, combined with the growth of deposits, has traders across crypto circles questioning whether this was a systematic fix or an inside job.
ChangeNOW List Launched 18x Squeeze In Four Days
DeXe Protocol builds no-code architecture for setting up independent organizationsallowing communities to manage resources and vote on the chain without writing code. The token traded quietly for years before July 9 on the exchange list at the same time ChangeNOW presented a new look. After just one day, the DEXE broke out of a bullish pennant pattern, with regular traders looking for a continuation after the initial move. This burst ran into a short wall that had built up during the period, and forced buying from traders covering the shorts added fuel to an already rising rally. As of July 13, DEXE had posted a record high of $48.89, an 18-fold gain in five months.
On-chain transactions supported the price rather than against it. The growth of the network hit one of the biggest one-day events of the year, with more than 160 new bags created, while whale sales above $ 100,000 rose to their fourth daily count in 2026. New bags do not appear by themselves. One was buying, and buying hard.
Two Wallets Sent $6 Million to Binance Hours Before Crash
On-chain information shows that the deposits came from two Gnosis Safe multisig wallets, a feature used by project teams and assets on behalf of owners. One security moved 371,309 DEXEworth about $ 3.9 million, in the middle wallet about 14 hours before, which sent $ 3.68 million to the hot wallet Binance. A the second defense sent 253,690 DEXEworth about $ 2.66 million, through the same model, to $ 2.51 million on Binance soon. Combined, the two transfers put nearly $6.2 million worth of DEXE on the exchange within hours of the crash. Team wallets don’t move quickly for no reason.
Price action is consistent with that reading. DEXE bled slowly instead of falling in one white drop: first a slide of about 10%, then a pull of about 30%, then a slide of around 58%, before the last leg pushed into the handle of $ 4. The volume of trade increased by about 290% compared to the recent events, proving that this was a stop event and not a slow profit taker.
| Day | The price of the price | An event |
|---|---|---|
| July 9 | ~$8 | The ChangeNOW list triggers early purchases |
| July 10 | Break out | Pennant breakout causes a temporary squeeze |
| July 13th | $48.89 | Always printed |
| July 22 (morning) | ~$36 to $4.50 | Group-linked wallets put $6M+ to Binance, price drops |
| July 22 (present) | $4.80 | Testing stability, drop more than 85% from the peak |
RSI Near 30 and Flattening MACD Point to Selloff Slowing
Looking at the 30-minute chart, DEXE opened the session near $36 and briefly pushed around $50 before the sell-off took over, bringing the price down to $4.80. The relative strength index, a gauge that measures whether a brand has been overbought or oversold in recent times, has dropped to 30, which is within the oversold zone. These low readings often indicate that sellers are pushing further than they should in the short term, although in a post-explosive fall like this, over-reading may persist for a while rather than causing a quick crash.
The MACD indicator, which measures the difference between two moving averages until a strong move, has returned to positive territory after a nearly six-month low, indicating that the bearish momentum is slowing down even as the spread continues. Currently, the price is holding below $5. That’s the line I’m looking for. Lose it day after day and there’s almost no chart left to slow down the next leg. Hold on, and this starts to look like a jumping jack rather than a falling knife.
Santiment Announces DEXE Selloff Threat Before Day Hits
This policy is common to anyone who trades in some of these products. The support on the list turns into a squeeze, the squeeze turns into a chart, everyone suddenly has an idea, and people who bought $ 8 start looking for buyers at $ 40. Here, the buyers were traders who caught the joy of July. The bags they sold in were for the project itself.
đź”— Fixed Chart https://t.co/ku4h5fqY04
👍 Uniswap and Curve just broke the 2026-biggest exchange rate, with about 8.4M $UNI and 9.8m $CRV leave the exchange in just 24 hours. This reduces long-term transactions such as Uniswap fees and burn issues, Robinhood Chain… pic.twitter.com/ZGMPu2CYpn
– Sentiment Intelligence (@SantimentData) July 21, 2026
Santiment announced the accident a day before the crash, warning that DEXE and INJ have a high risk of selloff after major tokens are moved on the exchange. The warning said that DEXE still has a legitimate issue of authority, but the large amount of money coming in will leave any rally fragile until the market takes over. INJ, in contrast, has additional support from regulated sources including Binance.US trading and futures regulated by the CFTC, something that DEXE lacks.
Whether Binance Wallets Will Perform Trading Is An Open Question
For DEXE holders, the immediate question is whether the wallets that were deposited at Binance have sold out or if the additions are still sitting on the exchange waiting to hit the market. Do what you want. Pulling the rug, technically, means the team will lose money and disappear, and no one is missing here. What happened seemed more like people entering a dangerous place than an exit scam. Each listing is the same for anyone who purchased around $48.
The DeXe Group has not released a public statement about the wallet deposits or the damage recorded. Investors who have a brand or are thinking about entering it should see the “rug influence” that is running on TV as a case rather than a definitive proof, and also realize that the authority brand that has many unknowns and a codebase that has seen a small recent development has a real risk without a single event.
