Analysis of the core reasons for the plunge:

Controversy on the project side: Some senior players accused the team of suspected withdrawal of funds, calling it a "YD conspiracy coin" and "returning to zero on the spot". Such negative rumors directly triggered panic selling in the market.

Market manipulation signs: Some traders observed that there were abnormal trading behaviors in this plunge, and it was suspected that the market maker failed to control the market, resulting in the price losing liquidity support.