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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' pressure, making the defense of its short-term support level a key market variable.
According to CoinMarketCap, a cryptocurrency market data aggregator, as of April 30 (local time), MegaETH is trading at $0.167, down approximately 5.98% over 24 hours, showing a bearish trend. This decline is more significant compared to Bitcoin's approximately 1.11% drop during the same period.
This decline is attributed to concentrated profit-taking immediately after its listing. MegaETH was simultaneously listed on 13 major exchanges, including Upbit, Binance, Coinbase, and OKX, on April 30, surging to around $0.225 at one point, but then quickly retraced. The 24-hour trading volume reaching approximately $178 million indicates significant selling pressure, primarily 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 tokens scheduled to be released at the 6-month and 12-month marks. Analysis suggests that 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 break back into the $0.19-$0.215 range is possible, but if the support breaks, further correction down to approximately $0.118 remains a possibility.
The ongoing 'Terminal' incentive program and the expansion of the native stablecoin USDM supply are considered variables that will determine the potential for a rebound. The USDM supply has already exceeded $300 million, and an increase in on-chain activity and sustained 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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