EdgeX Token has defied the odds, climbing over 40% in 24 hours to pierce the $1 mark. Trading around $1.04 as of press time, the $EDGE token still holds a 23%–25% daily gain. Its daily trading volume has soared past $300 million, making it one of the few standout movers in a sideways crypto market.
Airdrop Backlash: 14% of Supply Tied to Suspected Insider Wallets
The rally came despite a controversy that erupted shortly after the token listing on March 31. On-chain sleuths flagged that 14% of the airdrop supply was distributed to roughly 80 newly created wallets, which were allegedly linked to project insiders. Accusations of insider trading and centralization risks flooded social media, raising fears of price manipulation.
Team Fires Back: 141.6M Tokens Locked, Buyback & Burn Initiated
The EdgeX team moved quickly to contain the fallout. They clarified that 54 of those wallets belonged to genuine users and the rest to liquidity partners. To demonstrate commitment, they transferred 141.6 million tokens into a one-year locked vault. They also overhauled the tokenomics by launching a buyback and burn program, using platform fees to repurchase $EDGE from the open market. So far, over 2.5 million tokens have been destroyed.
Stellar Volume: Quarterly Trades Hit $4.5 Billion
Investors appear undeterred by the controversy. EdgeX's perpetual futures exchange has generated over $300 million in cumulative fees, with quarterly trading volume surging 174% to $4.5 billion. This liquidity glut is fueling both bullish bets and bearish caution.
Two Paths: $1.20 Resistance or $0.80 Retracement
Bulls argue that sustained high volume and daily token burns could push $EDGE to test the $1.20 resistance level if it holds above $0.95. Some traders eye $1.40 in the near term, citing the upcoming V2 upgrade. Bears, however, point to an overbought reading and a looming token unlock schedule. If the market fails to absorb the new supply, a pullback toward $0.80 is possible.
The EdgeX Token story is a reminder that controversy alone doesn't kill a rally—but volatility remains the only guarantee.