![EdgeX [EDGE] Hits ATH Then Dips Amid Team Airdrop Scrutiny](https://satoshisbrain.com/wp-content/uploads/2026/04/dalle_69d1977e58a438.16231305-696x398.png "dalle_69d1977e58a438.16231305.png")
EdgeX’s EDGE token surged to a new all-time high of $1.19, riding a five-day rally to break into the top 100 cryptocurrencies by market cap. However, the rally was shadowed by community scrutiny over its airdrop distribution and strong bearish sentiment in derivatives markets, with most futures traders taking short positions.
The altcoin EdgeX [EDGE] extended a five-day rally, reaching a new all-time high of $1.19 before slightly retreating. At press time, EDGE traded at $1.04, marking a 19% daily gain and securing the 92nd rank by market capitalization at $375 million.
This price discovery coincided with a 280% surge in daily trading volume to $357 million. The rally was largely attributed to a low circulating supply, with 140 million of the 175 million total tokens reportedly locked.
Despite the performance, the EdgeX team faced heavy criticism over its token airdrop. On‑chain monitors reported that the EdgeX team likely retained most of the $195 million from the airdrop for themselves, as Arkham data indicated 14% was directed to partners and liquidity providers.
Onchainschool reported the team airdropped to over 80 fresh wallets linked directly to the team, distributing about 180 million tokens worth over $90 million. Following the criticism, the team redirected some funds toward a token buyback, purchasing and burning over $2 million worth.
Market data revealed strong bearish sentiment among traders. According to Coinalyze data, the altcoin recorded $67 million in Sell Volume compared to $64 million in Buy Volume as of writing, signaling significant sell pressure since launch.
On the futures side, the Long‑Short Ratio fell to 0.68, with 59.6% of positions being short. This dominance of shorts suggests most investors expect prices to decline in the near term.
Under the prevailing conditions, EDGE is likely to drop further below $1 and seek support around $0.75. However, if the team continues with buybacks and token burns, the token could hold above $1 and eye $1.20.
