According to @rovercrc, SPON, a low cap DePin project from Spheron Foundation, completed its Token Generation Event (TGE) yesterday and was instantly listed on Bitget, MEXC, and Gate exchanges. The initial trading phase saw a significant selloff, likely from airdrop hunters, which created downward pressure on the SPON price. With early sellers potentially exhausted, traders are watching for a potential strong bounce as market participants reassess SPON's low cap status and exchange presence (source: @rovercrc).