Key Takeaways
- The Ethereum community has seen another two airdrops over the last few days, but both tokens have tanked since their launch.
- Every other major airdrop on Ethereum in 2021 has led to an initial buzz in the market followed by a selloff.
- While other coins in the market have been recording new highs this week, all of the major Ethereum tokens that launched with an airdrop this year are down over 50%.
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Ethereum saw several big token airdrops in 2021. Despite the initial hype surrounding the most anticipated airdrops of the year, most of the tokens are down 50% or more.
Ethereum Tokens Suffer in Market Selloffs
Ethereum devotees keep getting token airdrops, but the rewards rarely hold their value.
Some of Ethereum’s most active users have received two separate token airdrops over the holiday season, sparking a frenzy within the community. On Christmas Eve, OpenDAO distributed its SOS token after taking a snapshot of every Ethereum address that had made a trade on OpenSea. The token rallied throughout Christmas Day as users claimed their tokens, briefly bringing the project’s market cap above $300 million. However, data from CoinGecko shows that it’s now down 63.7% from its highs, with one SOS trading at $0.00000397.
Earlier today, Gas DAO launched with a token airdrop for Ethereum users who had spent at least $1,559 worth of ETH on transaction fees. Gas DAO says that it wants “to be the heartbeat and voice of the Ethereum network’s active users through on and off-chain governance.” Despite some initial momentum on launch, Gas DAO’s GAS token is already down 77.1% on the day.
While the selloffs that OpenDAO and Gas DAO have experienced are more brutal than most tokens suffer, post-airdrop declines are not exclusive to newer projects. In fact, every major token that launched with an airdrop to Ethereum users in 2021 is down over 50% today.
DeFi Favorites Plummet Following Airdrops
The Layer 2 derivatives…
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