Once a leading platform, Binance Alpha is experiencing a significant drop in users and trading activity. Following the flash crash of tokens ZKJ and KOGE, active users fell from 233,000 on June 12 to 195,000 by June 15, losing nearly 40,000 users in just three days. Currently, only about 55,000 users are actively trading, indicating a severe decline in confidence. The crash was triggered by whale wallets withdrawing liquidity, leading to a sell-off that the platform's structure couldn't handle. Trading volume, which peaked at $2.04 billion on June 8, plummeted by 63% to around $749 million shortly after. In response, Binance introduced a policy to combat “fake volume,” but many users felt it was too late. Critics have called for refunds for lost rewards and highlighted the need for a transparent point allocation system to prevent artificial volume. To regain trust, Binance must enhance transparency, implement anti-bot measures, and focus on projects with solid liquidity. Read more AI-generated news on: https://app.chaingpt.org/news