Binance proceeds with the listing of RedStone (RED) despite changes in airdrop distribution. RedStone reduced the airdrop percentage from 9.5% to 5%.
Change in RedStone Airdrop Terms
RedStone revised its airdrop plans, announcing that only 5% of the token supply will be distributed instead of the initially promised 9.5%. The change reflects actual community engagement, and many users noted their activities were not rewarded.
Trading Dynamics of RED After Listing
Upon RedStone's launch on Binance, the token dropped by 7.7% from its initial price of $0.86, expanding its losses to 21% soon after, reaching $0.73. A Binance listing typically leads to a price slide as initial holders sell tokens to rebuy at a lower price.
Token Distribution of RedStone
A majority of the RED tokens are set aside for early backers. With a planned maximum supply of 1 billion tokens, 280 million are already in circulation. The project secured $40 million from angel investors and funds, including those from Aave founder Stani Kulechov, Coinbase Ventures, and others.
The alteration in RedStone's airdrop terms followed by its listing on Binance are significant milestones. Despite reduced interest due to the airdrop cutback, the project progresses with substantial support from major investors.
