TOWN, the native token of Alt.town, officially launched on Binance Alpha earlier today, followed by listings on various other centralized exchanges.
Summary
- TOWN token has been listed on Binance Alpha, MEXC, and other centralized exchanges.
- A counterfeit token emulating TOWN was introduced on the BSC network.
An official X announcement indicated that Binance Alpha, a highlighted section of the main Binance exchange, was the inaugural platform to showcase alt.town (TOWN) on Aug. 26 at 7:00 UTC.
Following the listing, additional exchanges such as Gate.io, Bitget, and MEXC also began supporting the token.
According to its tokenomics, the token generation event set the total supply at 2 billion TOWN tokens. Of this, 4.5% or approximately 90 million tokens are designated for community airdrops.
Moreover, 29.5% of the total supply is allocated to the community, encompassing the airdrop allocation, while 15.5% is reserved for investors.
13% is reserved for the Team, with 9% allocated to exchanges for liquidity, while the project’s treasury holds 13.5%. Lastly, 17.5% is dedicated to ecosystem development, and 2% is for advisors.
Data from CoinGecko noted that the initial trading hours experienced significant volatility. According to CoinGecko, TOWN started at $0.0192, briefly surged to $0.0197, then fell 16% to $0.0165 before recovering to settle at $0.0180 as of the latest update, with a market cap of $8.2 million.
While the TOWN token’s price appears stable at the moment, investors should be aware of potential further declines as holders may look to sell their airdropped tokens for profits.
This kind of occurrence is common in the crypto realm, especially after the exchange listing excitement wanes. As previously reported by crypto.news, TREE, the native token of DeFi protocol Treehouse, plummeted 40% just one day after its TGE and multiple exchange listings, including Binance and Coinbase.
Traders should remain cautious about a counterfeit TOWN token, as per a warning from the Alt.town team just hours before the trading of TOWN commenced.
Importantly, a token named Alttown AI, using the ticker TOWN, was created on the BSC network, which the team warned is unrelated to the project and poses the risk of a rug pull.
As of the latest update, there have been no reports of any losses, but the project team has urged community members to utilize only the official token address shared through verified channels.
Disclosure: This article does not constitute investment advice. The content and materials provided on this page are intended for educational purposes only.
