SAGA’s Rise After Being Listed on Binance
NAIROBI (Coinchapter.com) – Saga, an innovative L1 protocol that aims to simplify the launch of L1s, has experienced a significant surge in its native token, SAGA, following its listing on Binance. The token has garnered attention from investors and crypto enthusiasts alike.
A Record-Breaking $13B+ SAGA Token Staked on Binance Launchpool
Saga declared its $13 billion Launchpool campaign a record on Twitter last Friday. Decrypt’s analysis of previous campaigns confirms this, with recent tokens like ENA and ETHFI coming close to the $13 billion mark. However, Saga appears to be the first to surpass it, considering the value of BNB at the time.
Saga Price Skyrockets and Then Drops
The announcement of Saga Gaming Crypto’s listing on Binance caused a monumental surge in its market value. Within just two days of listing, the token’s price skyrocketed by 19,625%, reaching a peak of $7.89 from $0.04. This drastic price movement highlights the market’s enthusiastic reception and confidence in Saga’s potential.
Interestingly, as of April 11, 2024, the SAGA token is currently trading at $5.61, placing it at 189th in the cryptocurrency market. This follows a 9% decline in the past 24 hours, with trading volume dropping by 62.45% to $359 million. The project’s market capitalization has also decreased by 6.6%, now standing at $495 million.
Saga’s Innovative Approach to Launching “Chainlets”
The Saga project aims to introduce a user-friendly method for launching “Chainlets,” which are similar to deploying smart contracts. This innovative concept is designed to facilitate the expansion of the Web3 infrastructure, as the project aims to enable the deployment of the next 1,000 blockchain networks.
Furthermore, through the Saga Interchain Stack, the project aims to unlock applications with unlimited horizontal scalability. This aligns with the broader vision of the Cosmos ecosystem, of which Saga is a part, to create an interconnected network of blockchains.
Token Allocation and Supply
The Saga project has a total supply of 1 billion SAGA tokens. The token distribution breakdown is as follows: Ecosystem and Development (30%), Core Contributors (20% locked for 1 year, then linear unlock over 2 years), Investors (20% locked for 1 year, then linear unlock over 2 years), Airdrops (15.5% with 29% initially unlocked, then linear unlock over 30 months), Foundation Reserve (10%), and Binance Launchpool (4.5% with 100% unlocked at TGE).
Currently, 9% of the total SAGA supply has been unlocked, while 50% remains locked. The remaining 40% is untracked, likely held by various stakeholders or reserved for future development and ecosystem initiatives. The next unlock event is scheduled for August 2024, when an additional 1% of the total supply (10.01 million SAGA tokens) will be unlocked, valued at approximately $54.34 million based on the current market cap.
Looking Ahead
As the Saga project continues to evolve and expand its ecosystem, investors and enthusiasts will closely monitor the token’s performance and the project’s progress in revolutionizing the Web3 infrastructure landscape. While the recent surge of SAGA following its listing on Binance has garnered attention in the short term, the coming months will determine the token’s long-term trajectory within the ever-changing Web3 landscape.