Scroll's SCR Token Experiences 32% Drop as Major Investors Accumulate Airdrop
Following its recent launch, the SCR token of Scroll has plunged significantly while major holders accumulate the airdrop rewards.
Scroll's SCR token has fallen 32% in just over 24 hours since its launch. This significant drop has left investors frustrated, particularly since the total value locked (TVL) on the Scroll network has also declined by 24% within the past week.
Key Highlights:
- The top 10 airdrop recipients secured 11.7% of the total supply.
- The token's value plummeted after it debuted at $1.40, now trading as low as $0.94.
- These developments raised concerns about the token's future performance in the market.
Despite these issues, the launch of the SCR token does not necessarily indicate a failing project. However, internal problems, notably the token allocation and distribution, have soured investor sentiment. Early adopters and users were promised a chance for airdrop-based rewards, but the drops were not capped, resulting in a concentration of tokens within a few large holders.
Scroll's management has yet to respond to inquiries about setting maximum limits for airdrop distributions. These supply dynamics present challenges for future price stability, as major investors may sell against growing demand from smaller investors who believe in the token's potential for recovery.