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- 1 Fifty crypto airdrops from different institutions were launched in 2023, valued at $4.5 Billion- CoinGecko.
- 2 Manta Network (MANTA) and Anchor Protocol’s (ANC) airdrops surged significantly a week after their launch.
- 3 UniSwap has launched the largest airdrop worth $6,432,614,493, followed by Apecoin and others.
CoinGecko, one of the most significant data aggregators, states in its data that holding a recently dropped crypto token for more than 14 days has 3x resulted in forgetting the possibility of selling its all-time high.
The data aggregator identified while researching that the demand for and interest in airdrops has surged significantly since 2020. The company asserted that the easiest way to get free airdrops is to participate in pre-launch blockchain networks or promotional activities.
Earlier in the first week of February, a crypto media outlet reported that a 17-year-old crypto trader and investors had gathered a profit of $1 Million from the airdrops of Jupiter, a Solana-based project.
Further, the report of CoinGecko states that in the past four years, the price of the majority of airdrops surged significantly in just a few weeks following the launch. Some of the most surged airdrops include the airdrop from Ethereum Name Service, LooksRare, Blur, and several others.
The report highlights that out of the 50 biggest airdrops, around 23 grew significantly in 14 days. Almost every day, an airdrop is launched in the crypto market, but Manta Network (MANTA), Anchor Protocol (ANC), and others grew in just seven days.
Earlier this collectively, 50 companies distributed airdrops of $4.5 Billion in the market; 10 of them were collectively distributing airdrops of $2 Billion. UniSwap has launched the largest airdrop worth $6,432,614,493, followed by Apecoin and others.
According to market analysts, most companies launch airdrops to lure fresh users and increase their platform’s adoption rate or tokens/coins. However, Global crypto adoption has surged significantly in the past few years and is expected to surge more robustly in the coming times.
Crypto Airdrops Explainer
Airdrops in the cryptocurrency sector are free tokens distributed by the founder or the founding firm to some wallets free of cost. Often, crypto moguls term airdrops as a marketing strategy that helps the firm gain significant exposure.
The free distribution of the tokens creates a good image of the backing firm and an opportunity for existing users to use some new features or to enter the market with a USP.
However, frauds and scams in the name of crypto airdrops are pretty common nowadays, and hundreds of users lose their identity crypto holdings by following the instructions from bad actors, who claim themselves to be the legitimate developers of the token/coin.
Crypto Market Price Update
The evolution and journey of the cryptocurrency industry have been remarkable, and the growing adoption of cryptos has raised concern over the traditional or mainstream banking system.
In the past few weeks, the crypto market capitalization has experienced a skyrocketing movement, and on February 21, it reached the much-awaited milestone of $2 Trillion. When writing, the market cap was $1.96 Trillion, with no significant decline in the past 24 hours.
Bitcoin, the market leader, has successfully overtaken the awaited resistance of $50k and traded close to $53k. The analyst claims that the coin might reach $60k or above after its 4th halving, likely to be organized in April 2024.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
