Renzo (REZ) plummets 43% after Binance listing and airdrop

Market data shows that the liquid repurchase protocol Renzo Token (REZ) has experienced a significant decline in the last 24 hours, and this market decline occurred shortly after its listing on Binance.

Renzo Token was launched with a market value of $289 million. However, as of the last update, the value of REZ is $ 0.1444 and its market value is $ 169 million. This marks a staggering 43.4% drop in value over the last day, despite its volume reaching $396 million.

REZ price – May 1 | Source: Santiment

Serving as strategy manager for EigenLayer, the token began listing on Binance on April 30, as revealed in a recent report by crypto.news. However, this positive development occurred before a serious loss of almost half of its value.

Notably, REZ’s price drop coincided with the opening of the token airdrop just an hour before Renzo Protocol was listed on Binance on Tuesday. The airdrop distributed 7% of REZ’s maximum supply to more than 100,000 eligible users, including those who had accumulated a minimum of 360 ezPoints before the snapshot on April 26.

Be ready $REZ on April 30

1⃣ View availability starting at 10:30 UTC
2⃣Request Page opens at 11:00 UTC
3⃣@binance listing goes live at 12:00 UTC

Season 1 Statistics
👩‍🌾Number of eligible users: ~103.5 thousand
#⃣Total $REZ Allocation: 7%

ONLY the official claim page can be accessed at:
👉…

— Renzo (@RenzoProtocol) 30 April 2024

Renzo Token’s disappointing performance on its first day of trading follows the EZETH token’s price drop on April 24, which coincided with the end of the Season 1 airdrop. In particular, EZETH briefly dropped to $688 on Uniswap and lost parity with Ethereum. This led to multiple liquidations.

This negative event triggered a general bearish trend, and market participants quickly sold their allocations to protect against further steep declines in the REZ’s value. Additionally, the turbulence observed in the broader market further exacerbated REZ’s decline.