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KERNEL Token Faces Sharp Sell-off After Binance Debut

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by Giorgi Kostiuk

2 days ago

The KERNEL token, backed by KernelDAO, faced a sharp sell-off immediately after its debut on Binance, affecting its market capitalization.

KERNEL Token's Debut on Binance

KERNEL began trading on Binance on April 14 but was met with a swift sell-off from airdrop recipients. The token fell nearly 44%, reaching a low of $0.262.

Market Activity and Trading Volume

The launch of KERNEL triggered significant market activity, with a 24-hour trading volume surging to nearly $380 million. At the time, around 149.8 million KERNEL tokens were in circulation.

Overview of KernelDAO

Launched in 2023, KernelDAO is a restaking protocol supporting over 10 blockchains, including Ethereum and BNB Chain. The KERNEL token serves as both a governance and utility token, allowing holders to participate in staking.

Despite the sharp sell-off, KERNEL's successful debut on Binance and trading activity highlight the interest in the KernelDAO project and its technologies.

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