Degen

Binance announced that $SXT is launching on Launchpool with 2.5% of supply as rewards. At first glance, that’s bullish - especially for a project that raised $50M (less rewards = higher FDV).

BUT if you read further, you'll see the initial TGE supply is 28%. 28% is actually higher than most Binance IDOs. And only 7.5% of the “community allocation” will be unlocked at launch (???). No info yet on who gets the remaining 20.5%...After the announcement, $SXT premarket dropped. It’s now trading at $0.264 — implying a $1.32B FDV and $370M IMC.

That’s A LOT in this “new day, new token” environment.