TOWN, the native token of Alt.town made its debut on Binance Alpha earlier today, followed by listing on multiple other centralized exchanges.
Summary
- TOWN token has been listed on Binance Alpha, MEXC, and other centralized exchanges.
- A fake token mimicking TOWN was launched on the BSC network.
According to an official X announcement, Binance Alpha, the spotlight section within the main Binance exchange, was the first platform to feature alt.town (TOWN) on Aug. 26 at 7:00 UTC.
Shortly following the listing, other exchanges like Gate.io, Bitget, and MEXC also added support for the token.
According to its tokenomics, the token generation event established its total supply at 2 billion TOWN tokens. Out of this, 4.5% or around 90 million tokens are earmarked for community airdrops.
Additionally, 29.5% of the total supply has been allocated to the community, which includes the airdrop allocation, while 15.5% of the supply has been reserved for investors.
13% has been set aside for the Team, and to ensure liquidity, 9% has been allocated to exchanges, while the project’s treasury holds 13.5%. Finally, 17.5% has been earmarked for ecosystem development, and 2% is designated for advisors.
According to data from CoinGecko, the first few hours of trading were met with heavy volatiltiy. Per CoinGecko data, TOWN opened at $0.0192, briefly rose to $0.0197, then dropped 16% to $0.0165 before rebounding and settling at $0.0180 as of press time. Its market cap stood at $8.2 million.
While the TOWN token’s price appears to be trading steadily at the time of writing, investors should note that it could see further dips as holders look to book profits by offloading their airdropped tokens.
Such an occurrence is quite common in the crypto space, especially once the exchange listing hype fades. As reported by crypto.news earlier, TREE, the native token of DeFi protocol Treehouse, crashed 40% just a day after its TGE and listings on multiple exchanges, including Binance and Coinbase.
Traders should also be mindful of a fake TOWN token, according to a warning issued by the Alt.town team just hours before trading for TOWN wen live.
Notably, a token dubbed Alttown AI with the ticker TOWN was created on the BSC network, which the team warned was not affiliated with the project and carries the risk of a rug pull.
As of press time, there were no reports of any losses incurred, but the project team urged community members to only use the official token address that was announced through official channels.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
