So after several months of wait and delay Tezos investors finally got the first chance to sell their XTZ (tez) tokens yesterday – and they utilized it to their fullest! According to CoinMarketCap data the prices of Tezos token fell 34% on Monday to $2 per token. From a Monday high of more than $4 the price crashed 74% to $1.10 on Friday before rising back to $2.12 as of press time. The sell-off coincided with first exchange listing of XTZ tokens, which shows how quick people were to take advantage of available liquidity.
The token was listed by a small less known exchange Gate.io on Monday. Prior to Gate listing the price of token was based solely on tez proxies (commonly known as IOUs) available for trading on HitBTC. But now when token has finally been listed on an exchange the market activity (like this recent sell-off) can also affect its prices directly.
Tezos project, which aims to solve some governance problems of blockchain technology, had come to limelight last year after a record setting $232 million ICO. Ironically however, the project ran into its own governance problems as its founders Arthur Breitman and Kathleen Breitman (who were in control of Tezos source code) found themselves locked in a bitter dispute with Johann Gevers of Tezos Foundation (the foundation that was in control of funds raised from the ICO). That dispute ate up the time of several months that would otherwise have been contributed to development of Tezos. Mariano Gadea, head of the Tezos delegation service CeiboXTZ, said of the dispute and the sell.
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