Study finds 46% of NFT airdrops hit all-time highs in their first two weeks | Trending Viral hub

The non-fungible token market has grown rapidly to become a vast business investment similar to traditional assets such as trading stocks, commodities and currencies. Since the digital asset market has become highly competitive, many crypto projects and brands have adopted non-fungible token airdrops as their powerful marketing tool.

46% of all-time airdrops were conducted in the first 2 weeks

Data analysis performed by CoinGecko.coman on-chain market data aggregator, shows that nearly half of the recently launched non-fusing token airdrops hit their all-time highs in the first two weeks, leaving investors with some tangible gains.

Have you ever wondered when airdrop tokens reach their all-time high? 🪂

Our study shows that 23 of the 50 largest airdrops (46%) recorded peak token prices during the first 2 weeks of their airdrop date.

Read the full study: https://t.co/egKT5m2eH9 pic.twitter.com/Mjm6O3fJvv

– CoinGecko (@coingecko) February 23, 2024

By description, an airdrop is the distribution of a collection of non-fungible tokens to the public or whitelisted individuals, often for free. In most cases, several companies organize NFT airdrop events to promote themselves among cryptocurrency enthusiasts.

The market data analytics firm has examined the trading activity of the 50 largest non-fungible token airdrops. The researchers found that at least 23 of the top 50 NFT airdrops, or 46%, saw peak token prices during the first two weeks of their airdrop date.

Some of the popular airdrop tokens that hit their highest price returns in the short term include Ethereum Name Service, which surged 73% on the second day of trading; X2Y2, which rose 121% on the second day; Blur, which surged 90% on day six, LooksRare, which soared +192% on day ten, and ArbDoge AI, which surged 425% on day fourteen.

Other more recent airdrops that hit their highest near-term price returns include Jito, which soared +43% on the second day; Wen, who pumped 37% on the third day; Dymension, which rose +75% on the tenth day; Manta, which surged +72% on day twelve, and Heroes of Mavia, which surged +217% on day thirteen.

According to research by coingecko.com, of these 23 airdrop tokens, 16 NFT airdrops reached their peak earnings between day two and day fourteen after the airdrop date. The study confirmed that token airdrops are an effective marketing or growth tactic and a module for quick profits.

10% of NFT Airdrop tokens will reach their ATHs in 2022

Before we summarize, the CoinGecko team found that NFT airdrops played a considerable role during the historic bull run of 2021 and 2022. At that time, 11 of the 50 airdrop tokens were reaching their ATHs. Three of the 11 airdrop tokens that hit all-time highs included ApeCoin, LooksRare, and X2Y2.

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