Open-source blockchain project Solana (SOL) saw a 50% increase in its price following the airdrop multiple projects launching.
Airdropping blockchain is making a comeback, with MEME and Uniswap being the most notable airdrops. Users who simply held onto their tokens gained as much as $600,000.
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Although Solana has not made clear the strategic goal of its recent projects, airdrops have gradually attracted new users to the platform. Interestingly, it has resulted in a rise in the value of its SOL token.
The protocol recently launched the COPE airdrop which distributed 2,000 tokens to users through its decentralized exchange Serum (SRM).
After the event, COPR climbed to $5.43, giving holders gains of over $10,000. Several other airdrops have followed since then, including KOPE, ROPE, and HOPE as they share similar-sounding names.
Future projections of SOL remain high
This is likely the reason why there is so much rush for the SOL token, as users who are trading on the platform require SOL to carry out transactions. They are also looking to buy it in time to meet the airdrop period.
Other traders are looking at the future projections of the token and believe the project has high prospects.
Airdrops on the Solana network may have had a minor impact on the recent price increase because users need SOL to receive tokens. However, the actual impact cannot be ascertained due to unavailable data.
Solana blockchain interactions, including new token additions, do not need a large amount to execute contracts.
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Airdrop trend expected to continue
Some analysts are expecting that the airdrop trend is not stopping soon, as many of them pointed out that the airdrop season is not yet over.
The Solana ecosystem recently tweeted about more airdrop projects soon, which is an indication that more users will be expecting more airdrops in the future.