Anoma price crashes 60% post-listing as airdrop holders sell

Anoma price has crashed nearly 60% a day after its token generation event, after it was listed on multiple exchanges, including Kraken, Bybit, and Gate.

Binance Alpha was the first platform to feature Anoma, with trading beginning on Sep. 29 at 10:00 UTC. It was subsequently added to Binance Futures, which enabled trading with up to 50X leverage.

Other major exchanges that added support for the token on the same day included Kraken, Bybit, and Gate, with Bybit and OKX also listing perpetual contracts.

The listings coincided with the launch of Anoma’s mainnet rollout as the network began shifting from its beta phase toward full launch, which also marked XAN’s token generation event. Following the TGE, Anoma established a total fixed supply of 10 billion XAN tokens, with 2 billion tokens entering circulation following its Binance Alpha listing.

As per its tokenomics, 10% of its total supply, or around 1 billion tokens, was earmarked for airdrops to community members and fully unlocked at TGE, which likely catalyzed the selling pressure, leading to a subsequent crash as recipients rushed to book profits.

According to CoinGecko, Anoma dropped 60% within 24 hours after hitting a post-launch high of $0.24. The crash was accompanied by a 40% spike in daily trading volume. Such a price drop, along with rising volume, typically signals heavy selling pressure, which could continue to weigh on the token’s price in the short term if profit-taking persists.

Adding to this weakness, CoinGlass data shows interest among derivative traders was waning. Open interest in Anoma futures fell 24% over the past 24 hours, while the weighted funding rate turned negative, a sign that shorts were paying longs to keep their positions open, further adding to the bearish sentiment in the market.

As of press time, XAN was trading at $0.11, holding support above $0.10. A drop below this level could exacerbate losses, potentially pushing the token down to the next psychological support level at $0.080.

Anoma is an intent-centric blockchain protocol designed to function as a decentralized operating system for multi-chain coordination, privacy, and settlement. XAN serves as the network’s native token that is used for staking to secure the network, participating in governance and covering transaction fees.

Anoma has previously secured backing from leading investors and research groups, including Polychain Capital, CMCC Global, Electric Capital, Maven 11, and Fenbushi Capital.