SaharaAI says SAHARA crash was due to cascade liquidations, not team sales

The SaharaAI (SAHARA) team has reiterated that no team or investor holdings were sold during the token's recent sharp price drop. The team stated that allocated tokens for the team and investors remain untouched on-chain. They also confirmed that market makers Amber Group and Hering Global were operating normally during the crash, the token's smart contract showed no signs of an attack, and token custody remains under the foundation's control. Addressing community speculation, the team explained that on-chain transfers before the drop were scheduled to provide liquidity for a cross-chain bridge to the BNB Chain. They attributed the crash to a cascade of liquidations driven by futures selling pressure, noting that leveraged long positions had accumulated to an all-time high in the three weeks prior. The liquidation of these positions triggered further declines. On June 9, SAHARA crashed by approximately 46%, falling from around $0.03 to $0.013. Despite the team's explanation, SAHARA is trading at $0.01588, down 11.62% over the past 24 hours, according to CoinMarketCap.