LMTS (Limitless) peaked at $0.38, with a 24-hour volume exceeding $60 million.

Gate News Bot message, October 23, according to CoinMarketCap, as of the time of writing, LMTS (Limitless) is currently reported at $0.30, having fallen 17.36% in the last 24 hours, with a high of $0.38 and a low of $0.20, and a trading volume of $60.8 million in the last 24 hours.

Important news about LMTS recently:

1️⃣ Team large-scale sell-off caused price fall The Limitless project team recently transferred 5 million LMTS tokens to a specific wallet and sold them all within a short period, resulting in a total profit of 2.3 million dollars. This large-scale sell-off directly led to a significant fall in the LMTS price. What further worries the market is that after this wave of selling, the team transferred out another 10 million tokens, triggering additional selling pressure. This series of actions severely undermined investor confidence and is the main reason for the 17.36% fall in the LMTS price within 24 hours.

2️⃣ Airdrop activities may initiate or exacerbate short-term selling pressure The Limitless project has launched an LMTS token airdrop event. Eligible users include Limitless Points Q1 traders and Wallchain Epoch 1 Quackers. While the airdrop event can expand the base of token holders, it may cause increased selling pressure in the short term due to some users cashing out quickly, which could create additional downward pressure on the price.

3️⃣ Successfully completed a $10 million financing highlights long-term development potential Despite the poor short-term price performance, the Limitless project still demonstrates long-term development potential. The project recently announced the completion of a $10 million seed round financing, led by the well-known investment firm 1confirmation, with participation from several renowned venture capital firms. This financing not only provides ample development funds for Limitless but also reflects the recognition of institutional investors for the project, which may support the value of LMTS tokens in the medium to long term.

From a technical perspective, the LMTS price has experienced significant volatility in the short term, having dropped as low as $0.20, indicating strong market fear sentiment. However, the high volume of $60.8 million in the past 24 hours suggests that, despite the heavy selling pressure, there is still some buying support in the market. Investors need to closely monitor the subsequent movements of the project team and the capital flow of large holders to assess potential rebound opportunities.

This message is not intended as investment advice; investors should be aware of market volatility risks.