The trading numbers of RedStone (RED) jumped 2000% within 24 hours due to a major change in its free asset giveaway rules. The market activity surge after this update doesn’t match selling behavior from participants who submitted their claims.
RedStone revealed new requirements for its free token giveaway program when the platform moved to X (former Twitter). The first Miner airdrop gave 5% of total tokens to qualified people. RedStone made a new decision to distribute 2% more tokens from their specific program after measuring user support and participation numbers. The proof of participation standard expanded participation opportunities and made the airdrop available on March 6 to a larger group of users.
RedStone Airdrop Changes Boost Trading, Drop Price
The program changes produced instant results. The trading activity of RedStone grew to 237 million US dollars in just 24 hours based on CoinMarketCap data. Most people who received extra tokens sold them right away which made the market value decrease.
After conducting the TGE event, RedStone plans to release 4.5% of the tokens to their community and genesis members in the middle of July. The planned distribution will go to users from secure liquidity pools and projects that use RedStone price tracking services. A major update on this next distribution plan will be made public within several months.
RedStone gained widespread media attention when it listed on Binance for plain dollar trading. The platform reinstated its list when the airdrop schedule modifications caused the suspension. People can now trade RedStone derivative products across Orderly and Bitmex through their available perpetual contracts.
The sudden airdrop price fluctuations show how traders view RED’s market activity as an investment in risk. Although trading volume shows great demand, the fast price drop makes traders see the airdrop as a short-term profit chance instead of a permanent investment.
People in the market will carefully track the progress of RedStone’s token distribution plans and ecosystem rewards as they develop through future months. The community should track RedStone as it tackles its token deployment issues and works to build its market value.
