EdgeX price hits all-time high before retracing amid airdrop scrutiny

EdgeX’s EDGE continued its price discovery with a five-day rally, reaching a new all-time high of $1.19 before pulling back to $0.97. At press time, EDGE traded at $1.04, up 19% on the daily charts.

Trading activity also accelerated. Over the same period, EDGE’s trading volume rose by 280% to $357 million. The price increase pushed the token into the top 100 cryptocurrencies by market capitalization, where it ranked 92nd with a market cap of $375 million.

EDGE team faces scrutiny over the airdrop

Despite the strong price performance since launch, the EDGE team has faced heavy criticism regarding its token airdrop. On-chain monitors reported that the team likely retained most of the $195 million from the airdrop. Arkham data indicated that 14% of the airdrop was directed toward partners and liquidity providers.

Onchainschool reported that the team airdropped tokens to 80+ fresh wallets linked directly to the team. In total, about 180 million tokens were distributed for a sum of over $90 million.

After being called out, the team redirected some of these funds toward a token buyback, purchasing and burning over $2 million worth. Community concerns have centered on transparency following these actions.

Market players show strong bearish sentiment

As the market rallied, early buyers appeared to take profits. Coinalyze data showed EDGE recorded $67 million in sell volume versus $64 million in buy volume as of writing.

Sell pressure has remained elevated since launch, with trading volume exceeding $800 million. The data was interpreted as reflecting limited long-term confidence, with many participants seeking short-term gains.

Futures positioning also leaned bearish. The Long-Short Ratio fell to 0.68, with 59.6% of futures positions on the short side—an indicator that many investors expected prices to decline in the near term.

What’s next for EDGE

EDGE’s upside momentum has been attributed primarily to low float. Of 175 million tokens, 140 million are locked, 34 million are held in wallets, and 1.45 million are on exchanges.

The constrained supply has supported tokenomics and higher prices. However, sentiment across the broader market remains bearish. Under current conditions, EDGE is expected to test levels below $1 and seek support around $0.75. If buybacks and token burns continue, the token could hold above $1 and target $1.2.

Summary

• EDGE rallied to an all-time high of $1.19 before falling back to $0.97; at press time it traded at $1.04 (+19% daily).
• Trading volume rose 280% to $357 million, and the token ranked 92nd by market cap at $375 million.
• The team faced criticism over the $195 million airdrop, including claims that it retained most of the funds; 14% was reported to go to partners and liquidity providers.
• Market data pointed to bearish positioning, with sell volume slightly exceeding buy volume and a Long-Short Ratio of 0.68 (59.6% shorts).