$MMT Trading competition ends in 2 days—$2 million in prize money drives a 3x increase in trading volume
On August 8, MMT’s single-day spot trading reached $111 million, which is 30 times the average daily value of the previous 23 days. The reason: Binance is running a trading competition awarding 2 million MMT tokens. It wraps up on August 13 at 10:00 UTC.
On July 31, it first poked with a pin. That day it surged from 0.255 to 0.467, then got smashed back to close at 0.205—an amplitude of 130%. Volume hit 38.10 million and 890,000 trades. This is a classic “short squeeze” pattern, not buying demand. After that, it drifted down to 0.141 on August 5—the 30-day low.
Only after the contest started did volume pick up. On the 8th: $111 million; on the 9th: $66 million; on the 10th: $65.8 million. In the past 7 days, trading totaled $285 million—more than three times the $84.4 million over the prior 23 days. Price rebounded from 0.141 to 0.228, but it’s still halfway below the high of that pin.
$MMT is Momentum’s token, using a ve(3,3) CLMM DEX on the Sui chain—similar to Uniswap v3’s concentrated liquidity. Behind it are Coinbase Ventures and OKX Ventures. On August 8, it just went live on BNB Chain, and Binance opened BEP20 deposits and withdrawals that day.
Tokenomics need to be made clear. Total supply is 1 billion; circulating supply is 204 million, or 20.4%, with nearly 80% locked. ATH was $4.03; now it’s $0.228—down 94% from the peak. The community accounts for 42.7% (the largest share), the team has 18% locked until 2029, and early investors have 24.8% with a 12-month cliff that only expires this November. The next unlock is September 4: 4.93 million tokens, about $1.1 million—small, but it kicks off the monthly vesting cadence.
There are old on-chain issues. On the second day after the TGE, a team-linked wallet transferred 38 million tokens to Binance for selling pressure. By this February, developer-linked wallets had cumulatively sent 409 million tokens to exchanges; the top ten addresses account for 75.6% of concentration. With that level of concentration, you should be mentally prepared for sell pressure after the contest.
My take: this volume is driven by the contest prizes, not by fundamental improvements. After the August 13 wrap-up, the historical pattern is that volume drops sharply and price gives back. In the rebound from 0.141 to 0.228—how much was real buying and how much was just volume-hunting for prizes—will be clear in a couple of days.
#MMT #Sui #DeFi
On August 8, MMT’s single-day spot trading reached $111 million, which is 30 times the average daily value of the previous 23 days. The reason: Binance is running a trading competition awarding 2 million MMT tokens. It wraps up on August 13 at 10:00 UTC.
On July 31, it first poked with a pin. That day it surged from 0.255 to 0.467, then got smashed back to close at 0.205—an amplitude of 130%. Volume hit 38.10 million and 890,000 trades. This is a classic “short squeeze” pattern, not buying demand. After that, it drifted down to 0.141 on August 5—the 30-day low.
Only after the contest started did volume pick up. On the 8th: $111 million; on the 9th: $66 million; on the 10th: $65.8 million. In the past 7 days, trading totaled $285 million—more than three times the $84.4 million over the prior 23 days. Price rebounded from 0.141 to 0.228, but it’s still halfway below the high of that pin.
$MMT is Momentum’s token, using a ve(3,3) CLMM DEX on the Sui chain—similar to Uniswap v3’s concentrated liquidity. Behind it are Coinbase Ventures and OKX Ventures. On August 8, it just went live on BNB Chain, and Binance opened BEP20 deposits and withdrawals that day.
Tokenomics need to be made clear. Total supply is 1 billion; circulating supply is 204 million, or 20.4%, with nearly 80% locked. ATH was $4.03; now it’s $0.228—down 94% from the peak. The community accounts for 42.7% (the largest share), the team has 18% locked until 2029, and early investors have 24.8% with a 12-month cliff that only expires this November. The next unlock is September 4: 4.93 million tokens, about $1.1 million—small, but it kicks off the monthly vesting cadence.
There are old on-chain issues. On the second day after the TGE, a team-linked wallet transferred 38 million tokens to Binance for selling pressure. By this February, developer-linked wallets had cumulatively sent 409 million tokens to exchanges; the top ten addresses account for 75.6% of concentration. With that level of concentration, you should be mentally prepared for sell pressure after the contest.
My take: this volume is driven by the contest prizes, not by fundamental improvements. After the August 13 wrap-up, the historical pattern is that volume drops sharply and price gives back. In the rebound from 0.141 to 0.228—how much was real buying and how much was just volume-hunting for prizes—will be clear in a couple of days.
#MMT #Sui #DeFi