Solstice SLX Token Falls Over 40% on Launch Due to Airdrop Sellers
— CryptoPolitan
Solstice token fell over 40% on launch day as airdrop sellers flooded the market.
Solstice's SLX token lost more than 40% of its value on launch day due to airdrop claimers selling.
- SLX token began trading on Binance Alpha on May 25 with a valuation of $230 million.
- Airdrop recipients flooded the market with sell orders, causing a decline of over 40% in price.
- Despite a total value locked (TVL) of $397.92 million, SLX's market cap dropped to $64 million.
Airdrop selling can lead to increased token supply and downward pressure on prices, impacting market dynamics.