Alt.town’s native token, TOWN, has made a significant debut in the crypto world. The token was first listed on Binance Alpha, the spotlight section within the main Binance exchange. This listing took place on August 26 at 7:00 UTC. Following the listing on Binance Alpha, TOWN was also added to other centralized exchanges such as Gate.io, Bitget, and MEXC.
The tokenomics of TOWN reveal that the total supply of TOWN tokens is set at 2 billion. Out of this total supply, 4.5% (approximately 90 million tokens) has been allocated for community airdrops. Additionally, 29.5% of the total supply has been reserved for the community, including the airdrop allocation, while 15.5% has been set aside for investors. The Team holds 13% of the supply, while 9% has been allocated to exchanges for liquidity. The project’s treasury holds 13.5%, and 17.5% is designated for ecosystem development, with 2% for advisors.
The initial trading hours of TOWN were marked by significant volatility. The token opened at $0.0192, briefly rose to $0.0197, dropped 16% to $0.0165, before rebounding and settling at $0.0180 at the time of writing. The market cap of TOWN stood at $8.2 million.
Investors should be cautious as the token’s price may experience further fluctuations, especially as holders may look to sell their airdropped tokens to secure profits. This trend is common in the crypto space, particularly after the initial hype of exchange listings fades. For instance, TREE, the native token of DeFi protocol Treehouse, experienced a 40% crash just a day after its Token Generation Event (TGE) and listings on various exchanges, including Binance and Coinbase.
It is important to note that a fake TOWN token has surfaced on the Binance Smart Chain (BSC) network. The Alt.town team issued a warning regarding a token called Alttown AI with the ticker TOWN, emphasizing that it is not affiliated with the project and carries the risk of a rug pull. While there have been no reported losses associated with this fake token at the moment, community members are advised to only use the official token address provided through official channels.
In conclusion, the debut of TOWN on various centralized exchanges signifies a significant milestone for Alt.town. Investors should exercise caution and conduct thorough research before engaging with the TOWN token to mitigate potential risks in the volatile crypto market.