Rockets modeled after Lagrange design lose buzz following auction concludes, enthusiasm dwindling
In a shocking turn of events, the soaring Lagrange token, which saw a massive surge following its airdrop and exchange listings, has experienced a steep decline. The once-valued LA token now stands at $1.1345, down by a whopping 37% from its peak this week. This sudden drop has brought its market cap down to a measly $220 million.
The selling spree seems to be the work of early investors looking to bank their gains. Data indicates an increase in exchange inflows, which hints that profit-taking is in progress. After two days of outflows, inflows surged on Friday and Saturday—a clear sign that investors are cashing out.
Remember the Official Trump (TRUMP) meme coin, which skyrocketed in January only to tumble afterward, vaporizing billions of dollars of value? Well, Lagrange's tale has an eerie resemblance. Such is the rhythm of the crypto market—a surge followed by a plunge as hype fades away.
Meanwhile, Lagrange aims to dominate the artificial intelligence industry using zero-knowledge proofs to fortify decentralized applications. Its key product is the ZK Prover Network, which generates ZK proofs for blockchain computations. Moreover, the ZK Coprocessor helps off-chain computation of massive datasets.
Despite the decline in its token price, there's a bit of a silver lining: the rise in Guild of Guardians NFT sales. However, the price drop for Lagrange isn't directly related to NFT sales. Instead, it's more about internal market dynamics and the broader crypto market conditions.
On the 30-minute chart, the double-top pattern at $1.8053 suggests that investors are hesitant to bid above this level. This double-top is one of the most bearish indicators, hinting that the LA token price is likely to fall further and possibly dip below $1 as investors continue to cash out.
- Early investors, similar to those who held the Official Trump (TRUMP) meme coin, are selling off their Lagrange tokens, leading to a significant decrease in its value.
- Despite Binance, Coinbase, and other exchanges listing the Lagrange token, its price has dropped by 37%, pushing its market cap down to $220 million.
- In the midst of this decline, the Lagrange project continues to focus on its mission to dominate the artificial intelligence industry using blockchain technology, with its key product being the ZK Prover Network.
- Interestingly, while the price of the Lagrange token has been affected, there has been a rise in Guild of Guardians NFT sales, although not significantly enough to influence the token's price directly.
- On the 30-minute chart, a double-top pattern at $1.8053 indicates investor hesitancy, suggesting that the Lagrange token price might fall further and potentially drop below $1, as more investors exit the market.
