This New AI Token Dropped 50% Despite Coinbase and Binance Listings
Allora (ALLO) token plummeted over 50% on its debut day following listings on Coinbase and Binance.Summary
The Allora (ALLO) token, representing a self-improving decentralized AI network, experienced a sharp decline of over 50% during its first trading day, falling from around $1.60 to $0.58. This drop occurred despite simultaneous listings on major exchanges Coinbase and Binance. The selling pressure was primarily attributed to users from Binance's airdrop program and early allocation holders quickly selling their rewarded tokens immediately after trading began. Allora is designed as a decentralized AI network coordinating machine-learning models using zero-knowledge machine learning (zkML) for verification. The ALLO token is used for payments, staking, governance, and model rewards within the platform, which is backed by investors like Polychain Capital. The significant initial price drop suggests that many early recipients treated the airdropped tokens as short-term profit opportunities.
(Source：BeInCrypto)