Analysis: Plummeting prices of new tokens like CAMP, XAN, and XPL raise questions about the TGE model
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最新报道：According to Bijie.com on October 10th, several newly launched tokens have recently experienced significant pullbacks, raising questions about the Time-Based Enabling (TGE) model ahead of a series of airdrops. CAMP, the native token of the AI-powered Layer1 blockchain, has plummeted 88% since its launch last month; DoubleZero's 2Z token lost 60% of its value in just eight days. Anoma's XAN token has also seen significant declines, dropping 60% in a week. XPL's price fell below its TGE offering price on Friday due to widespread negative sentiment surrounding the alleged founding team token sale, a claim denied by the company's founder. There are several reasons for the dismal performance of newly listed tokens. One is excessive pre-launch hype, meaning that when the tokens finally go public, users are often content to receive a return on their investment rather than continue to increase their holdings. Another factor is token economics. XPL's struggles are attributed to $813 million worth of "Ecosystem and Growth" tokens, allegedly sold through market makers, which put price pressure on the tokens and outstripped retail investor demand. With major airdrops coming up for MetaMask, OpenSea, and Monad, some worry that the 2025 “airdrop season” could see a similarly weak performance if supply outstrips demand.
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