XMON Token Plummets Over 90% Due to Selling Pressure Following Conclusion of SUDO Airdrop
The XMON token is facing intense selling pressure after the end of the lock-up period for the Sudoswap (SUDO) airdrop. According to AZCoin News, Sudoswap, an AMM platform for NFTs, has recently announced the schedule for its SUDO token airdrop for users in September 2022.
SUDO will be the governance token for sudoAMM, the NFT exchange protocol developed by Sudoswap. The project has garnered a lot of attention from both the NFT investment community and traditional AMM projects such as Uniswap, as it provides an effective liquidity solution for a difficult-to-trade asset like NFT.
With an initial supply of 60 million tokens, 41.9% of SUDO tokens will be airdropped to XMON token holders. XMON is the token of Sudoswap’s previous project, 0xmons. As per the regulations, XMON holders had to lock up their tokens for one month, with an airdrop ratio of 1 XMON = 10,000 SUDO. The airdrop started on February 1, 2023, and users needed to lock up their tokens for a month, meaning all tokens were unlocked on March 1. Therefore, it is understandable that the XMON price has plummeted after the lock-up period ended, especially since XMON has virtually no other use except for locking it to receive SUDO.
Within the last 24 hours, the XMON price has dropped more than 90% due to intense selling pressure. It will be challenging for the token’s price to recover from this massive sell-off if the project’s founders do not design other utilities to encourage users to buy and hold XMON.
Meanwhile, the SUDO price has not experienced much volatility in the last 24 hours, trading around $2.1.
Read more:
- Large Shiba Inu Investor Has Extended His Meme Coin Bet, Adding Another 92 Billion SHIB
- Bankrupt Crypto Broker Dumps Shiba Inu (SHIB) Worth $3.5 Million In 24 Hours, But Worst Is Ahead
- Whales Are Grabbing Large Lumps Of Shiba Inu, Stocking Up Before Shibarium Release