Market data shows that liquid restaking protocol Renzo Token (REZ) has experienced a significant decline in the last 24 hours. This market decline occurred right after the Binance listing. REZ traded at a market valuation of $289 million at launch. However, as per the last update, REZ is valued at $0.1444 with a market cap of $169 million. This marks a staggering 43.4% drop in value over the last day, despite its volume reaching $396 million. 😱

It was listed on Binance on April 30 and lost almost half of its value. Additionally, REZ's price drop occurred at the same time as the Renzo Protocol token airdrop opened. This airdrop distributed 7% of REZ's maximum supply to over 100,000 eligible users, including those who accumulated a minimum of 360 ezPoints before the snapshot on April 26.

This rapid decline in the value of the REZ, combined with the fluctuations in the general market, encouraged investors to quickly sell and hedge against larger declines in the value of the REZ.