$SCR
Scroll's governance token SCR has experienced a period of volatility since its launch. After debuting at a price of $1.40, the price dropped by 32%, and it is currently trading at $0.94, with a market cap falling below $180 million. This price drop has resulted in SCR falling out of the top 250 tokens. Nonetheless, it's important to note that the early performance of a token does not always predict the project's ultimate success or failure. Some newly issued tokens may perform poorly in the early stages of price discovery but could rebound later.
According to DefiLlama, Scroll's total value locked (TVL) has decreased by 23% over the past week, despite previously reaching a peak of $1 billion. Part of the reason for SCR's poor performance seems to be related to token allocation and distribution. Before SCR's release, users expressed disappointment at Scroll's decision to allocate 5.5% of the supply to Binance Launchpool and only 7% for the initial airdrop. This week, Scroll's refusal to set a cap on the airdrop has led to a few whales acquiring most of the available tokens, further exacerbating this disappointment.
Despite these challenges, Scroll is still seen as the 'turtle that will win the Ethereum scalability race.' Scroll has achieved full compatibility with EVM through its innovative zkEVM technology architecture, providing developers with a seamless migration platform. Moreover, Scroll is committed to enhancing Ethereum's scalability, security, and decentralization, all of which are key factors for its long-term potential. With technological upgrades and shifts in market sentiment, the future of Scroll and its token SCR remains promising.