$SPACE , the aerospace industry's first blockchain token, nosedived within hours of its highly anticipated launch across major exchanges. The token plummeted from $0.02465 to $0.0147 amid allegations of team dumping, leaving early investors questioning whether the mission has already aborted.
Spacecoin announced the official $SPACE token launch yesterday, marking what the team called a historic moment for the space economy. The token went live simultaneously on Creditcoin, Ethereum, BSC, and Base networks.
The launch included immediate listings on industry giants including Binance Alpha and Futures, Kraken Spot, OKX Spot and Perpetuals, Bitget, Coinone, KuCoin, MEXC, Bybit, and Blockchain.com. DEX platforms Aster DEX and PancakeSwap also supported trading from day one.
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Futures Listing Triggers Violent Price Collapse
Within two hours of launch, $SPACE secured Binance Futures listing, with OKX following immediately after. According to CoinAnk on X, the token's rapid exchange expansion coincided with a suspected team dump that crashed the celebration.
"The highly anticipated $SPACE launched last night—and within 2 hours hit Binance Futures, with OKX following fast. Hype was through the roof... until a suspected team dump crashed the party," CoinAnk tweeted.
Current data shows $SPACE trading at $0.022 with a 24-hour volume exceeding $215.91 million. The funding rate sits at 0.0408% as traders debate whether this represents a buying opportunity or mission failure.
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On-chain investigator how2onchain revealed on X that team-related wallets accumulated over $600,000 worth of $SPACE tokens from PancakeSwap and Aster DEX within six hours of launch.
"Over the last 6 hours, $SPACE kens were accumulated from PancakeSwap and Aster DEX across two wallets. Eventually, these tokens were consolidated into a team-related wallet, with total transfers exceeding $600K," the investigator noted.
The wallet address 0xdC07d3166759c5Ea086A7e59d18903B8AA463681 received the consolidated transfers, raising red flags among community members about potential insider activity.
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Technical Signals Point to Potential Reversal
Despite the turbulence, some traders remain optimistic. GainzAlgo posted on X that $SPACE is consolidating above $0.019 support while testing $0.020 resistance.
SPACE is consolidating above 0.019 support, tapping 0.020 resistance. GainzAlgo V2 Alpha went BUY, light SELL, BUY again, I'm betting 0.021 soon," the trading signal account stated.
The airdrop distribution included 25% unlock at Token Generation Event for Season 1 participants, with monthly unlocks over three months. Season 2 allocations follow a different schedule starting one month after TGE with 33.3% monthly unlocks.
Spacecoin also launched a limited-time staking program offering 10% APR exclusively for $SPACE tokens on the Creditcoin network. Cross-chain transfers via Wormhole integration enable movement between Creditcoin, Ethereum, BSC, and Base.
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The token's partnership with World Liberty Financial ($WLFI) for exclusive offerings on certain platforms added to the initial excitement before the crash dampened sentiment.
3 Key Takeaways:
SPACE crashed from $0.02465 to $0.0147 within hours of Binance Futures listing on launch day
Team wallets accumulated over $600K in tokens from DEXs shortly after launch per blockchain data
Token currently trades at $0.022 with $215M volume as traders debate recovery potential