A significant drop in the price of the EDGE token has been reported, with the value plummeting approximately 70% from around $1.20 to an intra-day low of $0.3663 on June 2, 2026. Currently, the token trades at $0.6474, reflecting a decline of nearly 45% in just one day. EdgeX, the decentralized exchange behind the token, attributed this collapse to alleged market manipulation by an unidentified external party.
Onchain investigator ZachXBT has contested EdgeX's claims, asserting that insiders hold nearly the entirety of the EDGE supply, which is approximately 350 million tokens out of a maximum of 1 billion. This limited float increases the token's vulnerability to drastic price changes, particularly when liquidity is low. ZachXBT has called for greater transparency regarding the market-maker agreements linked to the incident.
In a statement, EdgeX clarified that its platform was not hacked and described the event as a market integrity issue caused by deliberate actions from an external party. The team noted that they are actively investigating the circumstances surrounding the price fluctuation. Despite this, ZachXBT expressed skepticism about the integrity of the exchange's operations.