Portal Price Tanks 50% Soon After Airdrop, What’s Ahead?
Highlights
- Portal token trading volume hits $700 million on inaugural day of launch on Binance.
- Portal allocates 50 million tokens for rewards distribution.
On Thursday, Portal, the eagerly awaited gaming token and cross-chain platform, was launched, providing rewards to early participants and paving the way for upcoming staking opportunities and feature releases. The PORTAL price has tanked 50% in the last 24 hours slipping all the way to $2.40 and its market cap slipping under $400 million.
More About Portal Protocol
Portal is a central hub in the vast crypto universe. It’s like your go-to spot where you can dive into all sorts of crypto and NFT games from various networks. It’s not just gaming; it’s a whole experience. Users can play games, handle their funds, interact with their prized assets, and a whole lot more—all in one place!
The highly anticipated gaming token and cross-chain platform, Portal, finally made its debut early Thursday, providing rewards to airdrop participants and Binance token stakers in advance of introducing staking rewards and other features.
As is common with newly launched tokens, PORTAL has experienced significant volatility since its initial listing price of $3.36 on Binance. Trading has already seen nearly $700 million worth of PORTAL change hands.
⚡ The time has come. ⚡$PORTAL is now live on @binance!
As we begin to welcome new holders into our community, we can’t wait to reveal everything we’ve built. This is just the beginning, day 1.
Game on! pic.twitter.com/q3uh3LPMXI
— Portal (@Portalcoin) February 29, 2024
Not only is the Portal token now tradable, but crypto enthusiasts who took part in the project’s airdrop farming campaign on Twitter last year can also claim their portion of the initial airdrop. While some users on social media have expressed concerns about encountering difficulties with the claiming process and encountering regional restrictions, others have reported receiving thousands of dollars’ worth of the gaming token.
Among those joining in the excitement on launch day are Binance users who staked tokens in reward pools to earn a portion of the 50 million PORTAL tokens allocated for the crypto exchange’s Launchpool campaign. The peak staking activity on Wednesday surpassed $9 billion worth of crypto, setting a new record for Binance’s launch platform.
Understanding the Tokenomics
PORTAL has a maximum supply set at 1 billion tokens, strategically designed to foster value appreciation over time. Out of this, 50 million PORTAL tokens, which accounts for 5% of the maximum supply, will be dedicated to Launchpool rewards.
At the time of listing, the initial circulating supply of PORTAL tokens, as stated by Binance, will be 167,134,615, constituting 16.71% of the total maximum token supply. This deliberate choice of a low initial supply compared to the maximum reflects a calculated approach aimed at optimizing market entry and fostering long-term value.
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