FOGO experienced a significant correction in the past 24 hours, with the price dropping 28.38%, but trading volume remains hot, clearly indicating that the market has not cooled off.

Regarding this decline, it is mainly due to the growing pains after the new listing—large-scale sell-offs by airdrop users, combined with 38.98% of the total supply flooding into the market. This supply shock indeed pushed the price down. The technical indicators are also not very favorable; the price has already broken through short-term moving averages, and the RSI signals overselling (6-period RSI at 18.50, 12-period RSI at 21.36), with selling pressure evidently intense.

Interestingly, the project team has not been idle. One exchange directly airdropped 1.25 million FOGO tokens to US traders in an effort to expand the user base. They also launched a double bonus promotion, with a prize pool reaching 13.55 million tokens, aimed at encouraging market participation. More importantly, FOGO has now been listed on a certain DEX, opening futures trading, which is expanding liquidity and accessibility.

From an ecosystem perspective, the team is actively pushing forward with L1 infrastructure development and striving for more exchange listings, all pointing to a project that is actively developing. The current price correction may reflect the market digesting the initial supply surge, but whether upcoming trading incentives and ecosystem expansion can absorb this selling pressure remains to be seen based on future market reactions.