Sophon Crypto Just Launched: Why Is It Dumping?

Sophon (SOPH) Drops 27.9% After Market Debut - The Cryptocurrency Post

TL;DR Sophon dropped 27.9% on its first trading day following a 900 million token airdrop and a wave of profit-taking. Binance assigned it a “seed tag” and enabled futures trading with up to 75x leverage, fueling speculation and volatility. Another 20% of the total supply will unlock in three months; without new use cases, it could increase downward pressure in the market. Sophon, the new utility token for the Layer 2 network running on zkSync,…

SOPH token drops 24.97% after $900M airdrop, despite strong TVL growth

Binance applied a “seed tag” and launched futures trading with up to 75x leverage. On-chain TVL reached $20.28 million with DEX volume peaking at $47.44 million. A further 20% supply unlock is scheduled to begin in three months. Sophon’s utility token, SOPH, fell by 24.97% within 24 hours of its market debut on Binance and several other exchanges, shedding over $80 million from its market capitalisation. The steep decline followed a large-scale …

Sophon Crypto Just Launched: Why Is It Dumping?

Sophon crypto is a modular blockchain powered by the popular zkSync. The launch was not as successful as the team anticipated, at least. It fell over 30% in the first few hours, and investors are now wondering if they should buy. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x...