Airdrops have become so rampant in the crypto space that it has become hard to know which projects will have speedy takeoff or be productive in the long run. A new independent decentralized autonomous organization, OpenDAO has become the star of the Christmas tree this season as the coin has gifted its holders with a more than 1000% increase in coin value within 3 days of its airdrop.
The airdrop was available to users of OpenSea, the largest NFTs marketplace. Users who had previously transacted on the platform were eligible for the airdrop and the volume of the airdrop available to each user is the volume of transactions done on OpenSea while purchasing NFTs.
OpenDAO’s initiative to airdrop 50% of their total supply on Christmas eve which was received by over 240,000 wallets was met with a spike of its market cap to over $200,000 on the morning of Christmas. This feat was followed by the flooding increase of social media followers and the coin went from a price of $0.00000140 at launch to an all-time high of $0.00001108 as it also crossed the $320 million mark on the 26th of December.
The coin price has since retraced resulting from holders who took profit and pulled out to get gifts and enjoy the festive season.
The OpenDAO’s SOS token is just about a week old and has opened up new prospects on how to organize an airdrop and take advantage of existing platforms and market seasons.
Lots of work still needs to be put in if the token is to remain relevant in the fast-paced and competitor condensed NFTs space.