EdgeX (EDGE) has seen significant price movement, reaching an all-time high of $1.19 before stabilizing at $1.04, marking a 19% daily increase. The altcoin's trading volume surged by 280% to $357 million, propelling it to the 92nd spot in market capitalization at $375 million. Despite the price rally, the EdgeX team faces backlash over its token airdrop. Reports indicate that the team retained a substantial portion of the $195 million airdrop, with only 14% allocated to partners and liquidity providers. In response to criticism, the team initiated a token buyback, burning over $2 million worth of tokens to address transparency concerns. Market sentiment remains bearish, with a significant sell-off and a Long-Short Ratio of 0.68, indicating a predominance of short positions. The low token supply has bolstered EDGE's price, but ongoing market skepticism suggests potential further declines below $1 unless buybacks continue to support the price.