SCR debuted at 1.40 but a rejection saw its price decline by 30 in the last 48 hours to 0.94. With its market capitalization shrinking to below 180 million, the token has also dropped out of the top 250 largest cryptocurrencies list on CoinMarketCap. This comes despite SCR being heralded as the "turtle that wins the Ethereum scaling race".
Data sourced by DefiLlama showed that the Total Value Locked TVL for the token stood at 793 million, which is over 200 million lower than the 995 million TVL it recorded on October 16, when it first began trading.
The uptick in activity was driven by the airdrop farming event that was held ahead of the snapshot on October 19, 2024. However, issues stemming from the token allocation and distribution in the lead-up to the SCR launch led to its downfall.
Users had already expressed their frustration at Scroll's decision to allocate 5.5 of the supply to the Binance Launchpool and just 7 for the initial airdrop. Things got complicated this week after reports emerged about Scroll network's refusal to cap its airdrop campaign, which led to whales scoping up a majority of the available SCR tokens.
