Sophon’s utility token, SOPH, experienced a sharp decline of more than 33% within 24 hours of its debut and listing on Binance. The primary driver behind the price plunge appears to be the airdrop of 900 million SOPH tokens, 9% of the total 10 billion supply, unlocked at launch. Why is SOPH’s Price Declining? For context, Sophon is a Layer 2 ZK (zero-knowledge) blockchain built on Validium technology and part of ZKsync’s Elastic Chain vision. It is designed as a consumer-focused platform targeting entertainment applications
source: https://beincrypto.com/sophon-soph-token-price-decline/