Massive Price Drop Following Token Launch
Anoma’s XAN token experienced a dramatic 60% price decline within just 24 hours of its official launch across multiple major cryptocurrency exchanges. The token, which had reached a post-launch high of $0.24, quickly tumbled to around $0.11 as trading activity intensified.
The timing of this price collapse coincided with the token’s simultaneous listing on several prominent platforms including Kraken, Bybit, and Gate.io. Binance Alpha had actually kicked things off a bit earlier, beginning XAN trading on September 29th, with Binance Futures later offering leveraged positions up to 50x.
Airdrop Unlocking Creates Selling Pressure
What really seemed to trigger the selling pressure was the immediate unlocking of airdrop tokens. According to the project’s tokenomics, about 1 billion XAN tokens—representing 10% of the total 10 billion token supply—were distributed to community members and became fully available at the token generation event.
I think this created a classic scenario where early recipients, particularly those who received tokens through airdrop farming, rushed to take profits. The numbers seem to support this theory—trading volume actually spiked 40% during the price decline, which typically indicates heavy selling rather than just weak buying interest.
Derivative Market Sentiment Turns Negative
The bearish sentiment extended beyond spot markets into derivatives as well. Data from CoinGlass shows open interest in Anoma futures contracts dropped by 24% over the same 24-hour period. Even more telling was the funding rate turning negative, which means short sellers were paying long position holders to maintain their positions.
This kind of market structure often suggests traders are expecting further downside. When shorts are willing to pay to maintain their positions, it usually indicates strong conviction that prices will continue falling.
Technical Support Levels in Focus
At the time of writing, XAN was finding some support around the $0.10 level. Market participants are watching this psychological level closely—a break below could potentially push the token toward the next support zone around $0.080.
It’s worth noting that Anoma represents an ambitious technical project, positioning itself as an intent-centric blockchain protocol for multi-chain coordination and privacy. The network has backing from several well-known venture firms including Polychain Capital and Electric Capital.
But right now, the market seems more focused on the immediate supply dynamics than the long-term technical vision. When large amounts of tokens become immediately liquid like this, it often takes some time for the market to absorb the selling pressure and find a stable equilibrium.
Of course, this kind of volatility isn’t entirely unusual for new token launches, especially those with significant airdrop components. The question now is whether the selling pressure will continue or if buyers will step in at these lower price levels.
