RED Trading Volume Jumps 2000% as Sell Pressure Mounts After Airdrop Criteria Expansion

RedStone (RED) token has seen a massive surge in trading volume, rising over 2000% after significant changes to its airdrop process. The company recently restructured its airdrop selection criteria, expanding the eligibility to include more participants based on “proof of participation” in the community or ecosystem. Initially, the first Miner airdrop distributed 5% of the total RED supply, but after reassessing feedback, RedStone decided to allocate an additional 2% from its “ecosystem and data providers” pool to widen access. These extra tokens became available for claiming on March 6.

This restructuring has driven a dramatic increase in RED’s trading volume, which has reached $237 million in the past 24 hours, according to CoinMarketCap. However, despite the volume surge, RED’s price has fallen by 14% during the same period. This price decline, coupled with the heightened trading volume, suggests that many airdrop claimants may be selling their tokens, exerting downward pressure on the price.

In addition to the airdrop changes, RedStone also revealed plans to distribute another 4.5% of the “community and genesis” tokens six months after its Token Generation Event (TGE). This new airdrop will target projects using RedStone’s price data sources and users involved in pools secured by RedStone data.

Moreover, RedStone has made headlines by reinstating its listing on Binance for spot trading, after the airdrop changes had initially led to a suspension. Additionally, RedStone’s perpetual contracts have gone live on platforms such as Orderly and Bitmex, further increasing its presence in the market.