46% of Top Crypto Airdrops Peaked in 14 Days

CoinGecko data reveals that nearly half of new crypto airdrops token hit their peak within 14 day causing missed selling opportunities.

Newly crypto airdrop token took not longer than 14 days to peak resulting to missing out on the chance to sell at its peak, according to recent data from cryptocurrency data aggregator CoinGecko.

Interest in crypto airdrops has significantly increased since 2020. The most popular method of obtaining free airdropped tokens is by taking part in promotional or pre-launch blockchain network activities.

On February 1, a 17-year-old cryptocurrency investor made over $1 million through the Solana-based Jupiter (JUP) airdrop.

In the previous four years, about half (46%) of the top 50 crypto token airdrops which included well-known tokens like Ethereum Name Service, Blur and LooksRare have hit their peak prices in less than two weeks after their launch, according to new CoinGecko research.

According to the research, over the first two weeks following their airdrop date, 23 out of the 50 largest airdrops (46%) recorded their peak token prices. Heroes of Mavia (MAVIA), Anchor Protocol (ANC), and Manta Network (MANTA) are a few more airdropped tokens that reached their peak in the first two weeks.

Only one airdropped token out of the top 50 in the last four years took longer than a year to reach its peak price, while some projects achieved their highest gains in a couple of days. It took optimism (OP) a full year and a half to reach its peak.

Following the airdrop, Wen (WEN) saw peak gains in three days, while Sweat (SWEAT) reached its all-time high in two days. On the other hand, large airdrop sell-offs soon after listing may cause a dramatic price reduction, which would lessen the token’s allure.

On February 22, the Ethereum layer-2 network Starknet’s (STRK) token experienced a 60% decline due to airdrop farmers and Ethereum infrastructure company Nethermind selling millions of dollars’ worth of airdropped tokens.

Furthermore, those involved in an airdrop may interpret the technical difficulties encountered throughout the claim procedure as an unstable network, prompting consideration of the token.

In March 2023, there was a big sell-off due to 150% more Arbitrum (ARB) tokens moving to exchanges than entering wallets.

Customers complained that the airdrop claim page crashed an hour after the claiming procedure began because of a large volume of queries.