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▲ MegaETH (MegaETH, MEGA)/Source: X
MegaETH (MegaETH, MEGA) plummeted by approximately 6% immediately after its listing, weighed down by 'sell the news' sell-offs, making the defense of its short-term support level a key market variable.
According to cryptocurrency market data aggregator CoinMarketCap on April 30 (local time), MegaETH is trading at $0.167, down approximately 5.98% over a 24-hour period, showing a bearish trend. This drop is more significant compared to Bitcoin's approximately 1.11% decline during the same period.
This decline is attributed to concentrated profit-taking immediately after listing. MegaETH was simultaneously listed on 13 major exchanges, including Upbit, Binance, Coinbase, and OKX, on April 30, surging at one point to around $0.225, but quickly retraced thereafter. The 24-hour trading volume reaching approximately $178 million indicates significant selling pressure from early investors.
The token distribution structure is also identified as a burden. Out of a total supply of 10 billion tokens, the initial circulating supply was only about 11.3%, with additional quantities scheduled to be released at the 6-month and 12-month marks. Analysis suggests that the potential selling by some early investors and public sale participants is increasing short-term downward pressure.
In the short term, the $0.15 support level is a critical turning point. If this price is maintained, an attempt to re-break the $0.19-$0.215 range is possible, but if the support level breaks, there is potential for further adjustment down to approximately $0.118.
The ongoing 'Terminal' incentive program and the expansion of the native stablecoin USDM supply are considered variables that will determine the possibility of a rebound. The USDM supply has exceeded $300 million, and the increase in on-chain activity and maintenance of trading volume are expected to determine the short-term direction.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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