The native token of the entertainment network Sophon has suddenly risen significantly in price. The SOPH token surged to a daily high of $0.072 on June 3, Asian time, while its market capitalization jumped to $137 million. Sophon (SOPH) has been rising on the back of high trading volume, with data showing that its daily trading volume has increased by 108.31% in the past 24 hours to stand at $700 million.
This altcoin has 2 billion coins in circulation, with a total supply of 10 billion. SOPH listing on Bithumb started June 2. At the same time, the highest price of SOPH was recorded on May 28 after listing on the largest international exchanges: $0.1105.
Another catalyst for the price was the fact that Sophon has partnered with NFT laundry list Mintify to launch exclusive NFT collections.
In addition, the entertainment network team announced a $4 million grant to create new applications and ways to use the Sophon network to incentivize developers.
On May 28, Sophon allocated 900 million fully unlocked SOPH tokens to the eidrop: 600 million to Tier 1 farmers and 300 million to early adopters. In fact, it is the airdrops that often lead to a price drop (because the recipients want to quickly record profits, i.e., sell the coins).
For example, the native token Huma Finance (HUMA) fell by 45% shortly after it appeared on several major exchanges.
However, SOPH has already been listed on large crypto platforms including Binance, Upbit, OKX, Gate.io, KuCoin, and Bitget.