Interesting dynamic in $BASED token TGE
Fixed Total Supply: 1,000,000,000 $BASED
Supply today at TGE: 23.5% = 235,000,000 $BASED That's around $23M USD at current FDV.
But 66,000,000 $BASED tokens are staked in https://t.co/qk2dP3XLCi
That leaves 169 million tokens available to sell — around $16.9M USD at current FDV.
2 hours after TGE: $6M USD in volume traded.
Not a lot of selling pressure because there simply aren't that many tokens available to be sold.
42,000 $BP airdrop from trading on backpack
27,000 $BP airdrop from holding MadLads
Claim link in comments
I think that's a pretty good balance. Not going to pre-stake my $BP
Pre-market still prices Backpack at just $55M market cap and $278M FDV
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