EdgeX (EDGE) continued its price discovery, extending a five-day rally. The altcoin hit a new all-time high of $1.19 and then fell slightly to $0.97.
At press time, EDGE was trading at $1.04, up 19% on the daily charts. During the same period, its trading volume increased by 280% to $357 million. With the price rise, it became one of the top 100 cryptocurrencies by market capitalization, ranking 92nd with $375 million.
EDGE team faces scrutiny over airdrop
Although EDGE has performed relatively well since its launch, the team has faced heavy criticism over its token release. On-chain monitors reported that the EdgeX team likely kept most of the $195 million from the airdrop for themselves. Notably, Arkham data showed that 14% of the airdrop was directed to partners and liquidity providers.
According to Onchainschool, the team has released over 80 new wallets tied directly to the team. In total, around 180 million tokens were distributed worth over $90 million.
After being challenged, the team redirected some of these funds into a token buyout, purchasing and burning over $2 million worth. These actions highlighted a lack of transparency from the team, sparking concerns within the wider community.
Market participants display strong bearish sentiment
Interestingly, as the market recovered, most of the early buyers rushed in and cashed out. According to data from Coinalyze, the altcoin recorded 67 million in selling volume, compared to 64 million in buying volume at the time of writing.
The token has seen significant selling pressure since its launch, with trading volume exceeding 800 million. This signals a lack of long-term confidence in the token, and most participants are looking for easy short-term gains.
On the futures side, most traders shorted the market. The Long‑Short ratio fell to 0.68, with 59.6% of futures positions on the short side.
When shorts dominate, it suggests that most investors were bearish and expect prices to fall in the near future.
What’s next?
EDGE displayed strong bullish momentum, mainly driven by low float. Out of 175 million tokens, 140 million are locked, 34 million are held in wallets, and 1.45 million are on exchanges.
The low supply has strengthened the altcoin’s tokenomics, leading to higher prices. However, market participants remained bearish on the overall market.
Under current conditions, EDGE is expected to fall further below $1 and look for support around $0.75. However, if the team continues with buybacks and token burns, the token could hold above $1 and target $1.2.
Final summary
- Edgex (EDGE) saw massive volatility, reaching an all-time high of $1.19 before falling to a low of $0.94.
- The EDGE team came under fire over the airdrops, as they were accused of losing $90 million for themselves.
