TOWNS crypto: $0.08 to $0.035 in 48 hours – What’s behind this 50% drop?

TOWNS crypto crashed 50% after whales moved tokens to exchanges and retail followed. Futures data signals more downside risk ahead.

Towns [TOWNS] plummeted 50.79% from an all-time high of $0.088 to an all-time low of $0.035 before slightly recovering by press time. 

As of this writing, Towns was trading around $0.039, marking a 29% recovery from the new low recorded on the daily charts.At the same time, its market cap shrank from $163 million to $86.3 million, reflecting rapid capital outflows. So, what happened exactly?