Its down to 50% but thats still high IMO. This isnt new, expect that there will be dumps coming for it.
Though their product hasnt launched yet, they have their other product as well and that is the coin itself.
all cryptocurrency projects have it

so what's special about coins or tokens if they don't have a product to use that asset? I think tokens that don't have a product are only speculative assets and usually, speculative tokens will be dumped after their hype ends