- Cyberconnect token soared after the airdrop and exchange listings.
- I suspect that the token will drop to about $3 or below in the coming weeks.
CyberConnect’s CYBER token price surged on Tuesday after several important news in the ecosystem. The token jumped by almost 200% to trade at $5.30, according to CoinMarketCap. As it jumped, its total market cap jumped to over $58 million.
There are three main reasons why CyberConnect price is surging. First, the developers launched the token’s airdrop on Tuesday, making it available in key decentralized and centralized exchanges. The airdrop has a circulating supply of over 11 million tokens with the total supply limit being 100 million.
The second reason is that several exchanges, including well-known brands like Binance, Huobi, and Gate.io launched the token. The latest data shows that most of CYBER tokens are trading in Binance’s platform. In most periods, tokens tend to jump after being listed in a major exchange.
Finally, CYBER price soared after unveiling a partnership with Animoca Brands, one of the biggest players in crypto. The partnership will see them build a decentralized social layer infrastructure for Mocaverse, the NFT platformn for Animoca Brands. The statement said:
“Animoca Brands and CyberConnect plan to lay out an industry model with this upcoming Web3 social network that can lay the foundation for a new primitive in building consumer products and applications.”
Cyberconnect also partnered with Biconomy, a platform that makes it possible for people to build dApps with ease. Other recent partners are Gabby World, Bfrenz, and Dodo, a leading cross-chain aggregator.
So, the question is whether the CYBER price will continue soaring. As I cautioned in my article on SEI, it is always risky to buy tokens on their first day. In the past, we have seen people buy tokens like SUI, WLD, and Aptos at the top.
I believe that the Cyberconnect price wil drop to about $3 in the coming weeks as the momentum fades and as original buyers start taking profits. Also, there will be substantial dilution in the next few years as the remaining locked tokens are unlocked.
