Almost 75% Of The $SOS Airdrop Has Been Claimed But Is There Price Potential?

CryptoMode Airdrops BNB $SOS

The recent $SOS airdrop by the OpenDao team took many people by surprise. Rewarding oepnSea users for their activity to date is a smart idea, even if it remains a bit strange. Nearly 75% of the airdrop token supply has been claimed so far, and almost 200,000 addresses have claimed their tokens. 

$SOS Airdrop Claim Success

It is interesting to see how excited crypto enthusiasts still get over airdrops in 2021. Numerous platforms and protocols create native tokens from day one, which is the standard approach. Others may introduce tokens weeks or months after launching, rewarding early users and supporters. OpenDao falls in neither category, as it has no official affiliation with the OpenSea NFT marketplace.

However, the project rewards users of that marketplace based on their transaction coun and funds spent. Many users can claim tokens without any issues, although their total balance may differ. Those who spent a lot of money on the platform to flip NFTs will earn more $SOS, which is either good or bad. 

Source: Dune.xyz

As 50 trillion tokens will enter circulation due to the airdrop, one must wonder how much price potential there is. Currently, 1 million $SOS is worth$ 7.32, although that value has been much higher in recent hours. It is a very volatile asset, which is to be expected from airdrops. Most users will cash out this “free money” right away. 

It is normal to see the $SOS holders over time chart flatten out a bit. Nearly 200,000 addresses hold the token, and 74.9% of the supply allocated to the airdrop has been claimed. Users can claim assets until June 30, 2022, although it appears that deadline will not be necessary. The big question is whether people will hold this token in the long run or use it as a speculative asset first and foremost. 

The Dumping Continues

Other statistics confirm there is a genuine interest in $SOS, as it has a relatively high trading volume. The near 118,000 token transfers created over $602 million in transaction volume. A healthy sign for a token that isn’t even a week old, although it appears there is more interest in selling $SOS than buying. That, too, isn’t abnormal, as airdrops are often liquidated quickly by recipients. 

Source: Dune.xyz

Interestingly, the overall volume per transaction remains very small. Very few transactions amount to over $100, making the overall trading volume all the more remarkable. Additionally, it appears the buy volume is slowly gaining momentum. That will not automatically lead to a massive price surge, although no one knows what this airdropped token will do in the future. It is a blank canvas utility-wise, and the option to stake $SOS can prove appealing. 

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