kerneldao’s KERNEL Token Faces Sharp Decline on Binance Debut
KernelDAO’s token, KERNEL, experienced a meaningful drop right after its launch on Binance. The token fell by nearly 44%, reaching a low of $0.262. This decline brought its market cap down to $48.6 million.
The sell-off was triggered by airdrop recipients offloading their tokens. Despite this, the 24-hour trading volume surged to almost $380 million. KERNEL began trading on April 14 with various pairs, including KERNEL/USDT and KERNEL/BNB.
Binance integrated KERNEL into several services like Simple Earn, Buy Crypto, and Futures. KERNEL was the fourth project on Binance’s Megadrop platform, running from april 9 to April 13. Users who locked BNB in Simple Earn and completed Web3 quests received a share of the 40 million KERNEL airdrop.
KernelDAO, launched in 2023, is a restaking protocol with over $2 billion in total value locked.It supports more than 10 blockchains, including Ethereum and BNB Chain. The KERNEL token serves as the governance and utility token, allowing holders to restake and earn rewards.
KernelDAO secured $10 million in funding in 2024, led by Binance Labs (now YZi Labs). The project also established a $40 million ecosystem fund for BNB Chain’s restaking infrastructure.
Early dumps are common for new tokens, especially after airdrops. For example, Tutorial (TUT) saw a 235% pump after its Binance listing but lost more than half its value a week later.
