SAHARA token falls 60% as bridge liquidity moves

The SAHARA token, the native cryptocurrency of the Sahara AI project, plummeted by approximately 60 percent on Tuesday, June 9, in a sharp selloff that saw its price drop to an all-time low. The project's management attributed the crash to market misinterpretation of large, scheduled token transfers intended for a new cross-chain bridge, denying any insider selling or security breaches.

The token's value collapsed in the early hours of Tuesday, with one report noting a drop of more than half its value in roughly 15 minutes, falling from around $0.034 to a low near $0.015. It later recovered slightly, trading around $0.017 by late morning. The project acknowledged unusual market volatility and stated it had initiated an internal investigation but found no issues with its token contracts or protocol infrastructure.

In a series of public statements, Sahara AI explained that the large on-chain transactions that alarmed traders were a pre-scheduled activity to provide liquidity for its newly launched cross-chain bridge. The bridge, built using Chainlink's Cross-Chain Interoperability Protocol (CCIP) and deployed on June 4, allows users to transfer SAHARA tokens between the Ethereum...