NAIROBI (Coinchapter.com) – Saga, an innovative L1 protocol aiming to facilitate the launch of L1s, has seen its native token SAGA surge post-Binance listing recently. The token has been making waves and catching the attention of investors and crypto enthusiasts alike.
Saga declared its $13 billion Launchpool campaign a record on Twitter Friday. Decrypt’s analysis of past campaigns confirms this. Recent tokens like ENA and ETHFI approached the $13 billion mark. However, considering BNB’s value at the time, Saga appears to have been the first to surpass it.
Saga Price Explodes, then Plunges
The announcement of Saga Gaming Crypto listing on Binance sparked an astronomical surge in its market value. Moreover, within a mere two days of listing, the token’s price soared by 19,625%, elevating from $0.04 to a peak of $7.89. This price movement underscores the market’s enthusiastic reception and confidence in Saga’s potential.
Interestingly, as of April 11, 2024, the SAGA token is currently trading at $5.61, ranking it at 189 on the cryptocurrency market. This comes after a 9% decline in the past 24 hours, with trading volume dropping by 62.45% to $359 million. The project’s market capitalization has also decreased by 6.6%, now standing at $495 million.
Notably, the Saga project aims to introduce a user-friendly approach to launching “Chainlets,” which are akin to deploying smart contracts. This innovative concept is designed to facilitate the expansion of Web3 infrastructure, as the project seeks to enable the deployment of the next 1,000 blockchain networks.
Moreover, through the Saga Interchain Stack, the project aims to unlock applications with infinite horizontal scalability. This aligns with the broader vision of the Cosmos ecosystem, which Saga is a part of, to create an interconnected network of blockchains.
Saga Token Allocation and Supply
Notably, the Saga project has a total supply of 1 billion SAGA tokens. The token distribution breakdown is as follows: Ecosystem and Development (30%), Core Contributors (20% locked for 1 year, then linear unlock over 2 years), Investors (20% locked for 1 year, then linear unlock over 2 years), Airdrops (15.5% with 29% unlocked initially, then linear unlock over 30 months), Foundation Reserve (10%), and Binance Launchpool (4.5% with 100% unlocked at TGE).
Currently, 9% of the total SAGA supply has been unlocked, while 50% remains locked. The remaining 40% are untracked, likely held by various stakeholders, or reserved for future development and ecosystem initiatives. The next unlock event is scheduled for August 2024, when an additional 1% of the total supply (10.01 million SAGA tokens) will be unlocked, valued at approximately $54.34 million based on the current market cap.
Above all, as the Saga project continues to develop and expand its ecosystem, investors and enthusiasts will closely monitor the token’s performance and the project’s progress in revolutionizing the Web3 infrastructure landscape. The recent SAGA surge post-Binance has definitely brought attention in the short term, but the coming months will determine the SAGA token’s long-term trajectory within the evolving Web3 landscape.
