Keyrock analysts conducted a study of 62 airdrops on 6 blockchain networks during 2024. And it’s safe to say that the findings will only please short-sellers. As follows from the publication:

The price of most tokens distributed via airdrops falls within the first 15 daysIn 2024, 88% of tokens experienced a significant drop within a few months, despite a short-term increase at the beginning.

Of the 62 airdrops analyzed, only 8 had a positive return after 90 days: 4 on Ethereum and 4 on Solana.

Projects that distributed more than 10% of the total number of tokens demonstrated the best results, while those that distributed less than 5% often faced massive sell-offs.

Lack of liquidity has caused many tokens to crash due to excessive selling pressure. Projects with excessively high FDVs have often seen their price drop quickly due to lack of liquidity and no room for further growth (hello, Hamster Kombat).