SAHARA price tumbles 60% following Binance and Upbit listings

SAHARA price has nosedived more than 60% as the token experiences massive post-listing sell-off pressure.

The price of Sahara AI (SAHARA) hovered around $0.10 at the time of writing, having dropped from highs of $0.31 following the launch of perpetual contracts for the token on crypto exchange Binance. Bitget and leading South Korean exchanges Upbit and Bithumb also listed spot pairs.

What is Sahara AI?

Sahara AI is an artificial intelligence-native blockchain platform designed to accelerate the transition to an AI-driven future. It is one of the projects featured in Binance’s HODLer airdrops program. Its native token powers functionalities across the AI platform’s ecosystem.

SAHARA has a maximum token supply of 10 billion, with 64% allocated to community growth, ecosystem development, and public participation. Of this, 8.15% is designated for airdrops, 20.75% for community incentives, and 33.93% for ecosystem development.

The Sahara AI mainnet remains in development, but the native token is live on Ethereum and the BNB Smart Chain. Core utilities include network access, payment of gas fees, staking to help secure the network, and voting on governance proposals.

SAHARA exchange listings

On June 26, Binance announced it would be adding the project’s native token to its platform across Earn, Buy Crypto, Convert, Margin, and Futures. The listing of SAHARA perpetual contracts on Binance Futures with up to 75x leverage was scheduled to go live at 12:00 UTC on the same day.

In addition to Binance, other exchanges to add support for SAHARA futures include Bitget, which announced a listing with up to 50x leverage and trading bot support.

Meanwhile, crypto exchange Upbit added spot trading with Bitcoin (BTC), Tether (USDT) and KRW pairs. Bithumb also announced a SAHARA/KRW pair.

he sell-off to lows of $0.10 follows the launch of the USDS-M SAHARA perpetual contract. A buildup of anticipation ahead of the launch provided savvy traders with an opportunity to take profits amid the new trading opportunities.