Anoma's XAN Token Plunges 60% in 24 Hours After Listing
Anoma, a protocol supporting various financial activities, has faced a significant price crash following its token generation event and listing on multiple exchanges. The token, XAN, has dropped by nearly 60% within 24 hours, raising concerns among investors.
Anoma's price decline comes after a brief period of high interest. The token hit a post-launch high of $0.24, accompanied by a 40% spike in daily trading volume on platforms like TradingView. However, this enthusiasm was short-lived, as XAN's price crashed, falling by 60% within 24 hours.
The crash may be attributed to the unlocking of 1 billion tokens, which were earmarked for airdrops to community members. This sudden increase in supply likely led to increased selling pressure, driving down the price. Additionally, the weighted funding rate turning negative and open interest in Anoma futures falling by 24% on platforms like Bybit and Binance suggest waning interest among derivative traders, further contributing to the bearish sentiment.
As of press time, XAN was trading at $0.11, holding support above $0.10. However, a drop below this level could potentially push the token down to the next psychological support level at $0.08. To prevent further losses, Anoma's token must hold above the $0.10 support. Despite the recent crash, Anoma's protocol continues to be associated with various financial activities, including margin trading on platforms like Kraken, and is listed on major exchanges such as Binance, Kraken, Bybit, and Gate.
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