SCR Token Launch: Market Reaction and Community Concerns Unveiled

TL;DR
- The $SCR token launched at approximately $1.10, achieving a market cap of $212 million and over 200,000 holders in its first day.
- Despite a 20% initial decline due to allocation concerns, trading volume reached $189 million across all pairs, indicating strong market interest.

Traders have set the price of $SCR at around $1.10, giving it a market capitalization of $212 million based on a circulating supply of 190 million tokens. $SCR is designed as a native governance token, with plans to transition into a utility token as Scroll decentralizes. The lead-up to the launch faced criticism over unequal token allocation, notably the 5.5% set aside for $BNB users in Launchpool.

In addition to allocation issues, 7% of the total $SCR supply was reserved for an airdrop to early users. Despite these efforts, the token experienced a drop from $1.40 to $1.12 within hours of launch, marking a 20% decline. Concerns arose when it was revealed that the Scroll team had been accumulating "marks" convertible into airdropped tokens, but core contributor Sandy reassured the community that team members would not claim the airdrop.

On-chain data shows that $SCR gained over 200,000 holders and saw more than 500,000 token transfers on its first day. Trading volume remained robust, with $189 million exchanged across all trading pairs, and liquidity appeared healthy, with over $400,000 available near the spot price on $BNB. As $SCR navigates the volatile market, the community is keenly observing its development and implications for Scroll's decentralization efforts.

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