XMON Price Dropped By Over 90% After The Lock-up Period Expired

Key Points:

• Because of heavy selling pressure, the price of XMON plunged by more than 90% in the last 24 hours, just after the lock-up period expired.
• Because of its exceptionally successful liquidity generation solution for a difficult-to-trade asset like NFT, this project has gotten a lot of interest from both the NFT investment community and traditional AMM initiatives like Uniswap.

The XMON token price is under heavy selling pressure following the completion of the token lockup period for the Sudoswap (SUDO) airdrop.

With the end of the token lockup period for the Sudoswap (SUDO) airdrop, the XMON token price is under severe selling pressure. SudoSwap, an AMM platform for NFT that has lately attracted a lot of attention, has revealed the timeline for the SUDO token airdrop to users in September 2022. SudoAMM, Sudoswap’s NFT swap protocol, will use SUDO as its governance token. Because of its exceptionally successful liquidity generation solution for a difficult-to-trade asset like NFT, this project has gotten a lot of interest from both the NFT investment community and traditional AMM initiatives like Uniswap.

Up to 41.9% of the initial supply of 60 million SUDO tokens will be airdropped to XMON token holders. This is the token from the founder’s previous project, SudoSwap 0xmons. The token holders must typically lock up their tokens within one month, at an airdrop rate of 1 XMON = 10,000 SUDO. The airdrop begins on February 1st, 2023, and users must lock tokens for one month, meaning tokens will be fully unlocked on March 1st.

As a result, it’s unsurprising that the price of this token plummeted when the token was released. Particularly when XMON has absolutely little function to utilize other than to lock to receive SUDO. Because of heavy selling pressure, the price of XMON plunged by more than 90% in the last 24 hours, just after the lock-up period expired. If the founders do not create another service to encourage consumers to acquire and hold XMON, the token price will struggle to recover from this big flush.

Nevertheless, the SUDO price has remained stable over the last 24 hours, hovering at 2.1 USD.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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