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Crypto Airdrop Bonanza: $26.6B Tokens Distributed In Top 50

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A new report by CoinGecko has shed light on the biggest crypto airdrops, revealing that the top 50 airdrops have collectively distributed an impressive $26.6 billion worth of tokens based on their all-time high valuations. The study, spanning from 2020 to 2023, meticulously analyzed the airdrop landscape, presenting intriguing insights into this unique aspect of the crypto space.

The undisputed champion of crypto airdrops is Uniswap (UNI), which distributed a staggering $6.43 billion worth of $UNI on September 16, 2020. Uniswap’s airdrop, aligned with the DeFi Summer frenzy, reignited interest in a model first introduced in 2014 with Auroracoin. Apecoin (APE) secured the second spot, doling out $3.54 billion worth of $APE on March 17, 2022, with recipients having the potential to snag a free Bored Ape Yacht Club NFT. 

dYdX (DYDX) claimed the third position, distributing $2.00 billion worth of $DYDX on September 8, 2021, with the caveat of a gradual release over five years. Together, Uniswap, Apecoin, and dYdX constitute a significant 45.1% of the top 50 airdrops, amounting to $11.99 billion. The remaining airdrops in the top 50 vary from $0.05 billion to $1.97 billion.

Crypto Airdrop Chronology: Trends Over The Years

Examining the temporal dimension, 2021 witnessed a surge in major airdrops, with 18 out of the top 50 occurring, compared to a mere five in 2020. However, 2022 and 2023 experienced a decline, attributed to the crypto winter bear market, with 14 and 13 airdrops making the cut, respectively.

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The total value of airdrops, measured at their all-time high prices, exhibited a modest increase from $7.28 billion in 2020 to $7.46 billion in 2022. Noteworthy is the emergence of Bonk (BONK) in late 2022, swiftly securing a top 10 spot with an ATH of $0.000025 in December 2023.

Zooming in on 2023, 13 airdrops made it to the top 50, with a total value of $4.56 billion at their all-time high. Arbitrum (ARB) seized the limelight as the largest airdrop in 2023, distributing $1.97 billion worth of $ARB on March 23, 2023. Celestia (TIA) and Blur’s first airdrop claimed the second and third positions, contributing to 69.9% of the total airdrops in 2023.

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Ranking the top 20 crypto airdrops, valued at the token all-time high prices as of December 21, 2023:

Nevertheless, these airdrop dynamics offer a glimpse into the innovative strategies employed by projects to engage and reward their communities, making crypto enthusiasts eagerly anticipate the next groundbreaking distribution event.

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Solana Rockets To 440% Amidst Tenfold Surge In SOL Mobile

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Solana is eyeing topping its last month’s gains, surging to $76 and propelling SOL to a remarkable 440% surge in the past year. Currently holding the sixth rank, the token is also on the verge of surpassing the market cap valuation of the Ripple-affiliated XRP token. According to data, SOL’s market cap currently stands at $32.7 billion, narrowly behind XRP’s valuation of $34.1 billion.

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Solana Rockets To 440% Amidst Tenfold Surge In SOL Mobile 4

The swift ascent of the token is underscored by the soaring sales of its crypto phone, which has experienced a more than tenfold increase in the past 48 hours. As per Raj Gokal, COO of Solana Labs, the crypto phone is on track to sell out before the new year. This surge in sales has set records since the phone’s launch on May 8. In response to this heightened demand, co-founder Anatoly Yakavenko has proposed a price hike for the Saga. The price was initially reduced from $999 to $599 in August due to declining sales.

Yakavenko’s proposal to increase the price aligns with the frenzy surrounding the Solana meme coin, Bonk Inu [BONK], which has witnessed a staggering 1,100% surge in the last 30 days. The growing popularity of BONK has attracted significant investor interest and market activity, with major crypto exchanges Coinbase and Binance recently adding the token to their listings.

Solana’s BONK Token Riding High On FOMO

The appeal of BONK is attributed to the prevailing meme coin trend, investor FOMO [fear of missing out], and its association with the high-performing Solana network. Meanwhile, Solana Mobile has announced a restriction on future orders, limiting them to one mobile device per household.

Amidst this momentum, Solana blockchain is set to further benefit from upcoming initiatives led by prominent crypto firms, including Galaxy Digital, Deutsche Bank’s DWS Group, and Dutch market maker Flow Traders. Recent reports indicate that these digital asset-focused entities are seeking regulatory approval for their planned Euro-denominated stablecoin within the next 12 to 18 months, further contributing to Solana’s positive trajectory.

Solana Faces Correction After Surge Towards $80; Analysts Divided On Short-Term Outlook

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Solana (SOL) recently surged towards the $80 mark, marking a remarkable 70% increase in the 30 days leading up to December 8. However, the bears swiftly made their presence felt, initiating a correction with SOL currently trading above $65, with potential support at this level.

SOL 1M graph coinmarketcap 1
Source: CoinMarketcap

The bullish momentum had propelled SOL above the critical $65 resistance, finding support around the $69.50 mark, reflecting a positive trend in the 100 simple moving average. Despite the recent correction, analysts are optimistic about the bulls’ resilience, suggesting that the $65 support level might remain active.

The recent surge in Solana’s price follows a stunning 400% increase earlier in the year, with SOL languishing around $20 for most of 2022. However, in a surprising turn of events, the crypto market pumped SOL above $30 on October 24, setting the stage for a series of impressive rallies. The momentum slowed briefly around $65 on November 16 but rose again in December, pushing SOL above $70.

SOL 1Y graph coinmarketcap
Source: CoinMarketcap

The landscape for Solana dramatically shifted on December 1 when Brian Armstrong, CEO of Coinbase, unveiled plans to integrate the Solana network, generating renewed interest in the ecosystem. Notably, this news sparked a surge in Bonk (BONK), a Solana SPL meme token listed on major exchanges like Bybit, KuCoin, and Solana’s decentralized exchange, Orca, gaining an impressive 236% between December 1 and December 8.

Solana Price Prediction

Analysts remain divided on the short-term outlook for SOL, with some anticipating a further correction if the price drops below the $55.00 support. On the flip side, a contingent of experts remains bullish, predicting that SOL could reach $100 by the end of the year.

Looking ahead, short-term price predictions from Changelly for SOL indicate a potential 0.41% decrease, with experts anticipating a dip by December 12, 2023. Technical indicators showcase an 87% bullish market sentiment for Solana, while the Fear & Greed Index registers a score of 74, indicating greed prevailing in the market.

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Solana Faces Correction After Surge Towards $80; Analysts Divided On Short-Term Outlook 8

For the end of December 2023, crypto experts expect the average SOL rate to hover around $74.39. The minimum and maximum price projections stand at $67.52 and $81.25, respectively, offering a potential return on investment (ROI) of 13.6%. 

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