$POWER, the native token of Power Protocol, fell more than 90% between March 3 and March 4, 2026, dropping from about $1.86 to roughly $0.17 within hours. On-chain tracking pointed to multisig wallets closely tied to the project sending about 30 million $POWER to centralized exchanges, a move that was followed by a sharp sell-off.
Large transfers to Bitget and MEXC drew immediate attention
According to information cited by Ember and tracked through tools including Arkham Intelligence, address 0x027A…cd6c and a related address 0x9D70…a9d63 moved tokens from the evening of March 3 into the early hours of March 4. Roughly 20 million tokens were sent to Bitget, while about 10 million went to MEXC and other platforms. The transfers were split into multiple batches, ranging from several million to more than ten million tokens each. In crypto markets, movements of this size from wallets believed to be linked to a project into CEX venues are commonly read as a sign of possible sell pressure. The token price started falling soon after, and stop-loss selling accelerated the slide.
From a recent high to a collapse in roughly half a day
Before the breakdown, $POWER had staged a brief rally from late February into early March, reaching around $2.3 to $2.46 at the peak, with market capitalization nearing the hundreds of millions of dollars. After the wallet activity spread across the market, the token lost more than 90% in a little over ten hours and later traded around $0.17 to $0.19. Trading volume over 24 hours remained elevated, though the reported flow was dominated by selling. That triggered a wave of community accusations describing the event as a dump or a potential rug pull.
Project details remain in place, but no public response yet
Power Protocol describes itself as a shared economic infrastructure layer for Web3 gaming, with $POWER designed to connect games, studios, and applications. The token is presented as serving functions that include in-game currency, protocol fuel, and incubation resources. The project has previously disclosed a $3 million investment from Bitkraft Ventures, deployments on Ronin and BNB Chain, and more than 400,000 test players. At the time covered by the source material, the team had not issued a public explanation for the transfers, and community discussion was focused on wallet ownership and the reason the tokens were sent to exchanges.