RED trading volume hikes 2000% as sell pressure mounts after airdrop criteria expansion

RedStone token’s trading volume is up over 2000% after the airdrop restructuring.

According to RedStone’s (RED) recent official announcement on X, it has recently made a major change to the RED airdrop selection process and distribution. RedStone launched the first Miner airdrop with 5% of the total token supply, distributing it to users who met the original criteria.

However, after reviewing feedback and participation, RedStone decided to allocate an additional 2% of the total RED supply from its “ecosystem and data providers” pool. The eligibility rules were expanded to include more participants, and selections were based on “proof of participation,” meaning users who were able to prove their involvement in the community or ecosystem could qualify for the additional airdrop tokens. The extra 2% was made available for claiming on March 6.

Following the airdrop restructuring and the inclusion of more participants, RedStone’s trading volume hiked by over 2000% in the last 24 hours (currently at $237 million), according to Coinmarketcap. At the same time, RED price is down by 14% over the same period. Such a massive spike in trading volume coupled with the decline in price suggests that the airdrop claimants are selling off, putting downward pressure on the price.

Apart from airdrop restructuring, RedStone also announced that an additional 4.5% of the “community and genesis” tokens would be distributed six months following the Token Generation Event, with a formal announcement to come. The airdrop will be available to projects utilizing RedStone’s price data sources and will be distributed to users participating in pools secured by RedStone price data.

Other big RedStone news today is its listing on Binance for spot trading, which was reinstated after it had been suspended due to the last-minute airdrop changes. Additionally, RedStone perpetual contracts went live on Orderly and Bitmex.