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Crypto KOL and co-founder of Primitive Ventures, Dovey, posted on social media that he speculates this big dump is due to a certain large institution (possibly a traditional trading company using cross-margin) getting liquidated on the Binance platform. While further analysis is needed, it initially appears that the price of USDe on Binance once fell to 0.6, while the prices on other trading platforms remained relatively strong. Additionally, there has been a huge divergence in volatility between tokens that are listed on Binance and those that are not.