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Why did KERNEL crypto crash over 40% today?
Binance-backed KernelDAO faced a sharp sell-off right after its token KERNEL started trading on Binance following its token generation event.
KERNELās debut on Binance was met with a swift sell-off as Airdrop recipients offloaded their holdings. The token fell by nearly 44% to a session low of $0.262, bringing its market cap down to $48.6 million.
The launch triggered a frenzy of activity, with 24-hour trading volume surging to nearly $380 million. At the time, around 149.8 million KERNEL tokens were in circulation.
KERNEL began trading on April 14 with multiple pairs, including KERNEL/USDT and KERNEL/BNB. Beyond spot trading, Binance also rolled out KERNEL across other key services, like Simple Earn, Buy Crypto, Convert, Margin, and Futures with up to 75x leverage.
This listing followed Binanceās announcement that KERNEL was the fourth project on its Megadrop platform, which ran from April 9 to April 13. 0 reply
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