Paradigm-backed Succinct rallies 150% following exchange listing
The post Paradigm-backed Succinct rallies 150% following exchange listing appeared on BitcoinEthereumNews.com.
After an initial dip following its listing on multiple exchanges, Succinct’s native token PROVE reversed course and surged on Aug. 6. Summary Succinct’s mainnet went live on Aug. 5. PROVE initially dropped over 50% after its listings on multiple exchanges. It has since reversed its course and rallied to an all-time high of $1.52. According to data from CoinGecko, Succinct (PROVE) surged 150% to an intraday high of $1.52 on Tuesday morning Asian time before stabilizing at $1.31 at the time of writing. The token rallied in a high-volume trading environment, with daily trading volume spiking over 120,000% compared to the previous day. More than $1 billion worth of PROVE tokens changed hands, pushing its market cap above $253 million. Succinct’s rally followed the token’s debut on several major exchanges, including Binance, Coinbase, Upbit, and Bitget, shortly after its token generation event on Aug. 5. The token went live alongside Succinct’s mainnet launch on the same day, making PROVE immediately functional and usable within the Succinct Prover Network. The TGE set PROVE’s maximum supply at 1 billion tokens, with 195 million entering circulation at the time of its Binance listing. Notably, Binance also included PROVE in its HODLer Airdrop program, rewarding users who had staked BNB with a share of 15 million tokens, based on a snapshot taken during the July 9–12 eligibility period. The PROVE token was initially priced at $1.34 at launch. Within the next three hours, it dropped nearly 55% to $0.61, as some investors likely sold off their airdropped tokens to secure profits. Such sell-offs are not uncommon in the crypto space. As crypto.news previously reported, TREE, the native token of DeFi protocol Treehouse, also fell over 40% on July 30 within a day after similar exchange listings. What is Succinct? Built on Ethereum, Succinct offers…
