EdgeX Token ($EDGE) plunged into a dramatic 10% correction early Friday, shattering its recent rally above the $1.00 psychological barrier. The sudden reversal comes despite the exchange's native asset surging over 40% in 24 hours and generating a record $260 million in daily volume, a shocking downturn that defies the project's current operational highs and follows directly on the heels of a major airdrop controversy that, counterintuitively, initially fueled its ascent.

What was the $EDGE Airdrop Controversy

The trouble started shortly after the EDGE token listing date on March 31, 2026. 

On-chain investigators noticed that 14% of the total airdrop supply went to about 80 new wallets. These wallets were seen to be connected with the developers and project teams. 

This widely led to insider trading claims on social media. Many users felt the project was giving too much power to a small group of people, which can cause the centralization and creates the risks of price manipulation.

Team Fixes Airdrop Problems and Burns Tokens

The team acted fast to stop the panic. They proved that 54 of those wallets belonged to real users and the rest to liquidity partners. To show they were serious, they moved 141.6 million tokens into a locked vault for one year. 

They also updated the EDGE tokenomics by launching a "buyback and burn" program. They now use platform fees to buy back $EDGE units from the market and destroy them to create a supply shock that helps the price recovery.

So far, they have burned over 2.5 million tokens, which helps make the remaining tokens more valuable.

Current Scenario: High Trading Volume Pushes EdgeX Token Price Higher

Even with the airdrop controversy, investors are excited about the platform. As of April 4, 2026, the EdgeX token price is hovering around $1.04, settling at 23%–25% 24-hour gain after a massive jump. The trading volume is also over $300 million in daily trades.

What is Next for the EdgeX Token Price?

There are two ways the price could move next:

• The Bullish View: High trading volume and daily burns are pushing the price up. If the EdgeX token price stays above $0.95, it could soon test the $1.20 resistance level. Some traders believe it could even reach $1.40 in the short term with the new upcoming V2 upgrade.

• The Bearish View: The coin is currently "overbought," meaning it might be due for a cooldown. Also, a large number of tokens are scheduled to unlock later. If the market cannot absorb those new tokens, the price could retreat toward $0.80.

The perpetual futures trading platform has already seen over $300 million in total fees. Recent EdgeX token price news shows that quarterly volume jumped by 174%, reaching $4.5 billion. 

However, traders should stay careful. The future looks bright but volatile for the airdrop winners and investors. 

The article is for informational purposes only; it does not constitute any claims or advice.