Key Points
- Binance Alpha has announced an airdrop event featuring Walrus (WAL), and the event will go live at 7 pm UTC today.
- Existing users of Binance Alpha who meet the required eligibility criteria can claim 150 WAL tokens.
- WAL is currently underperforming, and the market sentiment continues to be bearish.
- The investors are advised to approach the WAL with caution.
The Walrus (WAL) announced the Binance Alpha Airdrop for existing users of the alpha platform. The event will begin at 7 pm UTC today. Participants need to meet a threshold of Binacce Alpha Points to be eligible for the event. The token is currently underperforming, and the market sentiment continues to be bearish. The experts recommend a cautious approach toward the WAL.
Details of the WAL Token Claim Event
The Binance Alpha has announced an airdrop event featuring Walrus (WAL). Existing users of Binance Alpha can claim 150 WAL tokens. Participants need to have at least 210 Binance Alpha Points to be eligible for the WAL token. Binance Alpha tokens are earned through various engagements, such as trading and event participation.
The WAL token claim event will last for 24 hours. According to the official account, the event will proceed in two phases. For the initial phase, the eligibility criteria are having at least 210 Alpha Points. The required point threshold goes down in the second phase. The requirement is at least 195 Alpha Points for the second phase of the event. The phase proceeds on a first-come, first-served basis. The initial phase will last for 18 hours, followed by 6 Hours allotted for the second phase. The required threshold will go down by 15 points every hour till all the WAL tokens are distributed in phase 2. The event has triggered immediate selling pressure, causing the Walrus (WAL) to decline.
The Current Market Scenario of Walrus (WAL): The Bearish Sentiment Continues
At the time of writing this article, WAL is priced at $0.3803. The token had experienced a 4.82% slide in the past 24 hours. The market cap is touching $562.19 million. WAL price has decreased 7% in the past week. Walrus is underperforming compared to the crypto market. The technical indicators suggest bearish sentiments are dominating.
WAL token is currently trading below its 50-day Simple Moving Average (SMA) of $ 0.412554. The 14-Day Relative Strength Index (RSI) stands at 48.61. Both are reinforcing bearish sentiments. The WAL only had 14 green days in the past 30 days. The volatility remains high at 5.34%. According to experts, if the coin fails to hold $0.363–$0.383, a further drop is imminent. However, the MACD crossover is still bullish. Yet, overall, the technical indicators are sending weak signals. In addition to the selling pressure created by the announcement of the Binance Alpha airdrop event, the general weakness of the altcoin market is further dampening the prospects for WAL.
What’s the Way Ahead for the WAL?
The Walrus platform enables scalability and storage of large-scale unstructured data, such as media and AI data sets. The Walrus is built on Sui, the native token WAL has both utility and governance functions. The token can be used for staking and making payments in the ecosystem. Whether WAL could weather the storm and chart an upward trajectory depends on several factors, such as the new strategic partnerships the parent platform can secure, the regulatory developments regarding the Sui ecosystem, and associated Exchange Traded Funds approvals. Besides, about 27 % of the tokens out of the 5 billion total supply remain to be unlocked, posing future dilution risks.
The investors are advised to approach the WAL with caution, as the token remains highly volatile. The investors need to keep a close watch on the news regarding strategic partnerships forged by the Walrus, any regulatory or technological changes in the broader Sui ecosystem, and movements of key market indicators to gauge the associated gains and losses. A thorough risk assessment and adopting risk-reducing strategies, such as portfolio diversification, is recommended by crypto experts.
