$SPACE Token Crashes Hours After Major Exchange Launch

Shortly after Binance and OKX listings, the $SPACE token fell amid team wallet action. The aerospace token fell by 0.02465 to 0.0147 overnight.

Spacecoin officially launched the $SPACE token yesterday. The token became operational on several networks such as Creditcoin, Ethereum, BSC, and Base.  

Spacecoin on X states that the token was released on the leading platforms. It was listed on Alpha and Futures on Binance. Spot offerings were introduced by Kraken, OKX, Bitget, and KuCoin.  

Lightning-Fast Listings Spark Initial Hype

The aerospace story token struck Binance Futures in less than two hours. OKX promptly added perpetual contracts. The volume of trade hit more than 215 million within 24 hours.  

The pre-market movement saw $SPACE hit up to $0.02465. PancakeSwap and Aster DEX were flooded by liquidity providers. The project provided 10 percent APR staking on the Creditcoin network.  

Sharp Reversal Follows Suspicious Wallet Activity

According to CoinAnk on X, the token crashed following the listing of Binance/OKX futures. The price dropped to 0.0147 in hours. The funding rate settled at 0.0408%.  

Team-based wallets collected tokens according to how2onchain on X. The account tweeted, $SPACE tokens were earned on PancakeSwap and Aster DEX in the past 6 hours. The total transfer is more than 600,000 in wallet address 0xdC07d3166759c5Ea086A7e59d18903B8AA463681.  

Source: how2onchain 

The process of token consolidation took place on two wallets and then on the team wallet. The participants in the market raised queries on how these movements came about.  

You might also like:U.S. Prosecutors Decide Against Retrial in OpenSea Insider Trading Case

Technical Signals Show Mixed Outlook

GainzAlgo on X observed price consolidation above the support of $0.019. The trading signal provider posted, “GainzAlgo V2 Alpha went BUY, light SELL, BUY again. The account foretold a shift to $0.021 shortly.  

Source: gainzalgo 

Current price sits at $0.022. The high and low ranges are almost 40 percent apart, and the range is 24 hours. The volume is high despite the severe correction.  

The airdrop rewards of Spacecoin started to be distributed at launch. Participants in season 1 were given 25% allocations at the time. Monthly unlocks proceed beyond three months. Distributions of season 2 begin a month after the launch.  

The project incorporates Wormhole for cross-chain transfers. Qualified participants were paid 0.01 CTC in gas charges. Anti-abuse controls applied to airdrop eligibility.

The post $SPACE Token Crashes Hours After Major Exchange Launch appeared first on Live Bitcoin News.