Mode, an Ethereum layer two cryptocurrency, has witnessed an unprecedented surge of over 5,000% following its launch on Tuesday. This dramatic increase in value is attributed to the token being distributed through an airdrop, a popular method of crypto distribution.

The recent hype surrounding Mode is indicative of the market's growing appetite for crypto giveaways, particularly in the current bullish trading environment. The market's response to Mode's launch underscores the potential of airdrops as a strategy for promoting new cryptocurrencies and attracting investor interest.

This development also highlights the increasing popularity and potential of Ethereum's layer two solutions, which aim to improve scalability and transaction speeds on the Ethereum blockchain. The success of Mode could serve as a benchmark for future layer two projects.