Cryptocurrency Succinct ($PROVE ) has fallen by 6.7% to $1.24 in the last 24 hours, which is worse than the overall cryptocurrency market (-1.73%). The main reasons:
Pressure from selling after airdrop – The recent unlocking of tokens in the HODLer Airdrop on Binance has led to profit-taking.
Volatility after listing – Profit-taking continues after major listings on Binance and Coinbase on August 5-6.
Weakness of altcoins – Bitcoin's dominance has risen to 58.9%, reducing interest in new tokens such as $PROVE .
The decline of $PROVE is linked to a combination of factors: unlocking of tokens after the airdrop, volatility after the listing, and overall weakness in the altcoin market. At the same time, the token is still 35% above its 30-day average, indicating sustained demand for its infrastructure utilizing ZK-proofs.
What to watch next: will PROVE be able to hold above the psychologically important level of $1.20 when the selling pressure after the airdrop decreases?