Ritual Mainnet Launches as RITUAL Falls After TGE

| chainfeeds.xyz
Ritual launched its EVM-compatible Layer 1 mainnet on 26 October alongside the RITUAL token generation event (TGE). RITUAL is used for gas, staking, AI execution fees, model calls, HTTP requests and scheduled on-chain operations. Coinbase listed the token, but RITUAL fell from a launch high of $0.08 to about $0.0226, giving it an estimated fully diluted valuation of $220 million at the time of reporting. RITUAL has an initial supply of 10 billion tokens and no supply cap. A total of 1.8 billion tokens, or 18% of the initial supply, unlocked at launch, including a fully unlocked 50 million-token airdrop for eligible Infernet node operators, Frenrug users and long-term community members. A tracker reported 852 eligible wallets, with 403 claiming about 20.7 million tokens at the time of publication. Core contributors and early investors have a one-year cliff, and the overall vesting schedule spans four years. Ritual estimates initial annual issuance at about 5% to reward validators and AI execution nodes. EIP-1559-style base fees are burned, so net supply will depend on issuance and fee burns. The project says its network enables developers and AI agents to access models, APIs and Web2 services on-chain, and has raised more than $30 million. For traders, the steep post-TGE decline and fully unlocked airdrop may add near-term selling pressure, while longer-term demand for RITUAL depends on network adoption, usage and fee revenue.
Bearish
The immediate price action is negative: RITUAL dropped from $0.08 at launch to about $0.0226 after its TGE, indicating substantial selling pressure and weak early demand. The 50 million-token airdrop is fully unlocked, which can add supply as recipients take profits; the broader 1.8 billion-token launch unlock and limited launch liquidity may also amplify volatility. Coinbase listing provides access and visibility but has not prevented the decline. Over the longer term, the impact is less certain. Staking and fees for AI workloads could support demand if Ritual attracts sustained network usage. However, annual issuance of about 5% creates dilution, and fee burns will offset it only to the extent that activity generates sufficient fees. The one-year cliff for core contributors and early investors delays some potential selling, but the four-year vesting schedule and uncapped supply remain relevant supply risks. Given the observed post-launch decline and near-term distribution pressure, the expected impact on RITUAL itself is bearish, while longer-term performance depends on adoption and token utility.