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SOPH token drops 24.97% after $900M airdrop, despite strong TVL growth

  • Binance applied a “seed tag” and launched futures trading with up to 75x leverage.
  • On-chain TVL reached $20.28 million with DEX volume peaking at $47.44 million.
  • A further 20% supply unlock is scheduled to begin in three months.

Sophon’s utility token, SOPH, fell by 24.97% within 24 hours of its market debut on Binance and several other exchanges, shedding over $80 million from its market capitalisation.

The steep decline followed a large-scale airdrop event in which 900 million tokens—9% of SOPH’s total 10 billion supply—were unlocked and distributed to early contributors, farmers, zkSync users, and NFT holders.

While airdrops are a common strategy to drive initial interest, they often lead to aggressive profit-taking, especially when token utility is still limited.

Binance began SOPH trading at 13:00 UTC on 28 May, shortly after announcing its listing via an X post on 23 May.

Other exchanges, including OKX, KuCoin, Upbit, Bitget, and MEXC, also launched trading support on the same day.

SOPH initially peaked at $0.11 before tumbling to $0.06 within the same day, recording a 24.97% drop.

Market volatility is fuelled by limited utility and high leverage

SOPH’s early volatility is not just a result of the unlocked supply. Binance assigned a “seed tag” to SOPH, categorising it among high-risk tokens prone to volatility.

These tags often caution investors about potential price fluctuations, particularly in new projects.

In addition, Binance Futures listed SOPH with leverage of up to 75x, creating an environment that incentivised speculative trading and amplified price swings.

The trading volume surged by 2,724.8% in the last 24 hours, according to CoinGecko, as early recipients of the airdrop rushed to sell their allocations.

This created a large supply overhang that the current market demand failed to absorb, exacerbating the price decline.

Sophon is built as a Layer 2 blockchain using Validium technology and is part of ZKsync’s Elastic Chain roadmap. It aims to serve as a decentralised infrastructure for entertainment applications.

However, for now, SOPH’s practical utility remains narrow, primarily limited to covering gas fees and contributing to the network’s sequencer decentralisation process.

The lack of immediate use cases appears to have contributed to the weak market support during the sell-off.

Investor interest remains high despite short-term dip

Despite the price drop, on-chain metrics point to rising user engagement.

According to DefiLlama, Sophon’s total value locked (TVL) climbed to $20.28 million on launch day, up 14.1% from the previous day.

Decentralised exchange (DEX) volumes reached $47.44 million, indicating robust participation in token swapping activities.

While speculative activity dominated the launch, the on-chain data shows that interest in the protocol remains strong.

The project has raised over $70 million from investors, including Binance Labs, and has positioned itself as a key Layer 2 player within the zkSync ecosystem.

Looking ahead, the next supply unlock looms large. Another 20% of SOPH’s total supply, designated as node rewards, will begin unlocking on a weekly basis starting three months from the Token Generation Event.

If current market sentiment does not improve or if new utility use cases are not rolled out in time, this influx could trigger further downside pressure.

Roadmap promises more utility, but outlook remains cautious

Sophon has indicated that it intends to broaden SOPH’s use cases in the coming months.

While no specific dates have been given, the team plans to expand the network’s entertainment applications and decentralised tools.

In a recent post, the project team stated that additional products and services would be launched as part of its long-term roadmap.

For now, though, the token’s performance is being closely watched by investors, particularly given its sharp debut correction.

Airdrops have historically proven to be a double-edged sword—driving early adoption, but often at the cost of price stability.

The post SOPH token drops 24.97% after $900M airdrop, despite strong TVL growth appeared first on CoinJournal.

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XRP futures surge past $223M as price holds $2.27 support

  • Positive funding rates suggest long positions’ dominance.
  • Exchange reserves fall by 50 million XRP, worth $114 million.
  • Investors accumulate amid expectations of a price rebound.

XRP’s price is under pressure, extending a two-week downtrend that has placed the token in a vulnerable spot.

Yet, a deeper look at on-chain and derivatives market data reveals a contrasting trend.

Traders are actively accumulating XRP, and institutional interest is gaining ground through futures contracts.

With $223 million in open interest on CME within just 10 days of XRP futures launch, the token is seeing new attention despite its price falling below key resistance levels.

CME XRP futures hit $223 million in 10 days

The sharp rise in open interest for XRP futures on CME suggests institutional activity is increasing.

Typically, a spike in open interest is associated with traders taking short positions, potentially signalling bearish sentiment.

However, in this case, the narrative appears to be shifting.

XRP’s addition to CME Futures expands access to large investors, potentially attracting longer-term capital rather than speculative trades.

Data shows that funding rates have remained mostly positive for three weeks, turning negative only once.

This sustained positive rate implies that long positions are dominant, suggesting more traders are betting on a price rise than a fall.

Exchange reserves drop by 50 million XRP

At the start of the month, XRP balances on centralised exchanges rose, indicating selling pressure.

But over the past two weeks, those reserves have declined by around 50 million XRP, valued at over $114 million.

This trend reversal indicates strong outflows, often associated with accumulation.

Withdrawals from exchanges typically mean that traders are shifting their tokens to cold storage or long-term holdings.

In XRP’s case, this suggests buyers are positioning themselves ahead of a potential rebound, possibly driven by FOMO (fear of missing out) due to low current prices.

XRP is trading at $2.27 with strong support

At the time of writing, XRP is trading at the 2.27 support level.

The two-week downtrend has so far capped upward movement, and a break below the support could push prices down to $2.12 — the next key level.

XRP price
Source: CoinMarketCap

However, if the $2.27 level holds and demand from both institutional and retail buyers continues, XRP could mount a recovery.

A successful rebound could send the token towards $2.38, validating the recent futures market activity and accumulation behaviour.

This would confirm growing investor interest and may signal the end of the current correction phase.

On the other hand, a loss of support could prolong the downtrend, invalidating the optimistic outlook and delaying any price recovery.

While XRP’s short-term technical indicators remain weak due to its declining price, broader market signals are more positive.

Rising futures open interest, positive funding rates, and declining exchange reserves are usually precursors to bullish price action.

These signals suggest that a growing number of investors expect XRP to recover soon, with current levels viewed as an attractive entry point.

The post XRP futures surge past $223M as price holds $2.27 support appeared first on CoinJournal.

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Litecoin price forecast: tracking LTC’s bullish technical setup

  • Litecoin is forming bullish flag and pennant patterns, signalling a bullish breakout.
  • Price targets range from $108 to $153 after the imminent breakout.
  • Large holders and strong volume back the projected LTC’s upward momentum.

Litecoin (LTC) is once again in the spotlight as bullish technical formations point to the potential for significant upside movement.

The cryptocurrency is currently navigating a critical phase, marked by a series of strong technical patterns and robust on-chain data that suggest an optimistic outlook.

LTC price technical analysis

At the time of writing, Litecoin trades around $97.45, maintaining stability while exhibiting subtle signs of bullish momentum.

Technical analysis identifies a bull flag pattern forming near this price range, signalling a potential continuation of Litecoin’s upward trajectory.

A bull flag is a well-known technical continuation signal that appears after a strong price rally, followed by a brief consolidation phase within a downward-sloping channel.

LTC’s flag formation around the $95 level reflects a healthy cooldown, which is often necessary before a breakout occurs.

Volume during this consolidation has been declining, which aligns with typical bull flag behaviour and suggests a stronger breakout may soon follow.

Analyst CW8900 projects that if this flag resolves to the upside, Litecoin could aim for a price target of $136, indicating nearly a 40% rally from current levels.

Adding weight to the bullish outlook is Litecoin’s performance on the 4-day chart, which shows the asset breaking free from earlier range-bound movement and forming a clear ascending trend.

The new support zone between $96 and $97 has been holding firm, helping to establish a base for a potential leg higher in the coming weeks.

Key resistance levels are now projected at $108.71, $132.24, and $153.11, all of which mark important milestones in Litecoin’s recovery journey.

Complementing the bull flag is another powerful setup: a bullish pennant forming on the daily chart, suggesting the market remains optimistic.

This pennant pattern emerges after a rapid price rise, followed by price action tightening within converging trendlines, typically preceding a breakout continuation.

Litecoin price prediction

Both the bull flag and the pennant point to similar targets between $120 and $130, reinforcing the potential for Litecoin to break past its current resistance.

Supporting this technical strength is bullish on-chain data, which reveals that nearly half of the LTC supply is held by large investors and long-term holders.

More than 75% of Litecoin holders have maintained their positions for at least eighteen months, underscoring a foundation of confidence and reducing the likelihood of panic selling.

Additionally, over $58 billion in large trades occurred within seven days, highlighting increased market participation and strong liquidity.

These data points suggest that institutional involvement is quietly reinforcing the bullish case for Litecoin’s next breakout.

Historical context also supports this optimism, as Litecoin previously reached $140.17 in January 2025, before retracing to current levels.

Market sentiment remains positive, with the Fear & Greed Index at 74, reflecting strong investor confidence amid broader altcoin strength.

Meanwhile, analysts like VipRoseTr have identified a falling wedge breakout that occurred in mid-May at around $78.80, which often marks the end of a downtrend.

Since then, Litecoin has climbed steadily and now sits just beneath the $90–$100 resistance range, a zone viewed as pivotal for triggering the next major move.

Forecasts for 2025 diverge widely, with some platforms projecting a modest rise to $112 while others see potential for a rally beyond $210.

Despite this uncertainty, the combination of bullish patterns, increasing volume, and favourable holder behaviour suggests Litecoin may be gearing up for a powerful breakout.

Ultimately, Litecoin’s technical and fundamental indicators align in a way that suggests a strong possibility of sustained upward movement.

If key resistance zones are breached, Litecoin may soon transition from consolidation to acceleration, making it one of the altcoins to watch in 2025.

The post Litecoin price forecast: tracking LTC’s bullish technical setup appeared first on CoinJournal.

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Giza goes institutional: Re7 Capital adopts autonomous DeFi treasury management

Key Takeaways:

  • Giza is building a specialized suite of Agents tailored to Re7 Capital’s broader ecosystem.
  • The customized Agents delivered a 67% higher yield on stablecoins and an 18.5% higher yield on ETH.
  • While development continues, Re7 will deploy $500,000 in USDC into ARMA, Giza’s flagship Agent.

Web3 agent developer Giza announced that Giza Agents, which have facilitated over $40 million in volume to date, are entering the institutional space through a partnership with DeFi investment firm Re7 Capital.Re7 Capital will use Giza’s financial autonomous agents to manage liquidity, marking a significant step forward for the technology.

The partnership targets a key institutional challenge: achieving high-performance treasury management without sacrificing control or security. Giza’s agent infrastructure aims to solve this with its autonomous, secure framework.

What is Giza offering?

Giza has introduced a sophisticated non-linear optimizer that models each DeFi protocol as a unique curve shaped by liquidity, fees, and utilization dynamics, offering measurable gains over simplistic rate-chasing strategies when tested against historical data.

Unlike conventional systems, Giza’s Agents account for the full lifecycle of a position, factoring in gas fees, slippage, and reward lock-ups, and rebalance only when the projected benefit clearly exceeds the opportunity cost.

This conserves returns by avoiding unnecessary transactions. The methodology surpasses simple APR comparisons by integrating principles from modern portfolio theory, allowing for efficient frontier-based allocations and nuanced yield component analysis.

“Until now, institutions had to choose between iron-clad control and top-tier performance. Giza Agents eliminate that trade-off; capital runs autonomously, relentlessly productive, policy-locked, and cryptographically secure. Re7’s deployment marks the moment self-driving finance goes institutional,” said Renç Korzay, CEO of Giza.

Giza delivers a level of bespoke risk management that has been largely out of reach in decentralized finance.

Each proposed allocation is subjected to rigorous pre-flight health checks, which assess protocol liquidity, utilization rates, and volatility metrics.

Transactions are executed only when these parameters fall within predefined, policy-encoded thresholds, ensuring disciplined adherence to institutional risk mandates.

Details of the partnership

Giza is building a specialized suite of Agents tailored to Re7 Capital’s broader ecosystem, with back-tests over the past four months showing notable outperformance.

The customized Agents delivered a 67% higher yield on stablecoins and an 18.5% higher yield on ETH compared to static allocation strategies.

These gains were achieved by executing liquidity shifts across vaults only when the optimizer’s signal exceeded the cost of transaction execution.

The supporting infrastructure — including a smart-account template, real-time monitoring stack, and session-key framework — has been designed for modularity and reuse.

This streamlines the rollout of future Agents, such as Re7’s USDC and wETH variants, which are currently in testing and require significantly less engineering overhead than initial deployments.

While development continues, Re7 will deploy $500,000 in USDC into ARMA, Giza’s flagship Agent, to begin compounding yield immediately — all without the need for custom code.

The post Giza goes institutional: Re7 Capital adopts autonomous DeFi treasury management appeared first on CoinJournal.

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Toncoin price spikes 13% amid major Telegram-related news

  • Toncoin price rose 13% in the past 24 hours to lead top gainers on Wednesday.
  • Gains followed major news announcements by TON Foundation and another related to Telegram.
  • TON price traded at $3.48 at the time of writing, while volume was at $745 million.

Toncoin (TON) price caught the crypto market’s attention on Wednesday as it rose sharply amid broader market struggles for Bitcoin and top altcoins.

With 13% in price gains in the past 24 hours, Toncoin ranked among the top gainers on the day, outpacing the likes of Quant, Uniswap, and Injective among the top 100 by market cap.

TON, native to The Open Network blockchain, rallied as traders raced to buy amid a series of major Telegram news.

Toncoin price soars, volume up 400%

As the price of Toncoin soared by more than 13%, trading volume rose through the roof.

As per data from CoinMarketCap, Toncoin recorded a 410% spike in volume, hitting $745 million.

TON’s price reached highs of $3.69 before slightly retreating to $3.48 at the time of writing.

Gains see TON token up by more than 10% in the past week.

Before the latest gains, Toncoin price largely traded flat over the week, with no momentum after bulls gave up ground.

Is this uptick thus going to push the altcoin to above $5? The price last hovered above these levels in early 2025.

Telegram news buoys TON price

As noted above, the main catalyst for Toncoin’s notable price surge is a series of positive news.

The vibe mostly relates to two major announcements linked to Telegram and the TON Foundation.

First, the TON Foundation revealed the appointment of Nikola Plecas as its new Vice President of Payments.

Plecas, a former Visa executive with deep expertise in crypto product innovation, is tasked with scaling TON’s payment infrastructure to cater to Telegram’s massive user base of over 1 billion.

His focus will be on enhancing interoperability, security, and scalability—key pillars for mainstream adoption of Web3 payments.

Plecas’s experience at Visa, where he shaped the company’s global crypto strategy, positions him as a pivotal figure in TON’s ambition to revolutionize payments within the Telegram ecosystem.

Why else is Toncoin’s price up today?

Also fueling optimism around TON is news that Telegram plans to raise $1.5 billion through a bond sale.

Notably, market reaction largely jumped as traders noted that Telegram’s initiative is backed by Wall Street heavyweights like Citadel and BlackRock.

That’s not all. TON is also expanding its ecosystem, integrating Ethena’s USDe and tsUSDe stablecoins for in-app savings.

Collaboration with Tether via LayerZero for a multi-chain network has also been a key development.

The post Toncoin price spikes 13% amid major Telegram-related news appeared first on CoinJournal.