Funding and Token Launch
Astra Nova, a Riyadh-based Web3 and AI entertainment project, recently announced securing $48.3 million in funding, in addition to $4.7 million raised in August. The project launched its RVV token on Binance Alpha on October 18. The token was positioned as the centerpiece of the project’s AI-driven gaming ecosystem, supported by previous funding rounds. It was ranked as one of Binance's most subscribed Alpha sales, with over 90,000 BNB committed.
Airdrop and Presale Modifications Spark Backlash
Hours before the token generation event, Astra Nova altered its airdrop structure. Rewards were limited to the top 15,000 users on its leaderboard, a significant change from the previously promoted broader 3% allocation. Many participants who had held NFTs and staked assets throughout the campaign reported being removed from eligibility, leading to community backlash. The project also modified token unlock terms for presale buyers, switching from an immediate 50% release to a seven-month cliff followed by a 12-month vesting period.
Price Decline and Binance Delisting
RVV opened trading at approximately $0.03 but experienced a rapid decline as wallets identified by analysts as linked to the project began selling tokens on-chain. The price dropped to near $0.007, representing a 76% intraday decrease. In response to the volatility and technical risks, Binance Alpha delisted the token.
Project Response and On-Chain Analysis
Astra Nova issued a statement attributing the sell-off to a compromised market maker wallet, claiming a third party had accessed the account and liquidated tokens. On-chain data indicated that approximately 860 million RVV were sold for over $10 million in USDT, with a majority of these funds transferred to centralized exchanges.
Ongoing Community Concerns and Future Outlook
Spot trading for RVV has been halted as Astra Nova states its intention to repurchase affected tokens. Futures markets remained active during the event, resulting in liquidations for leveraged participants. Community discussions are ongoing regarding the nature of the sell-offs, the abrupt changes to the rules, and the future status of the RVV token.
Planned Token Utility and Project Development
Astra Nova had previously announced plans to integrate RVV across its AI gaming platform, NFT systems, and creator-focused tools. Products such as TokenPlay.ai and Deviants: Fight Club are currently in early testing phases. Following the recent incident, the project has not confirmed a revised timeline for the rollout of its token utility.