It’s better to sell out as soon as you get the airdrop? Data: 46% of airdrop coins reached their peak within 14 days
As the cryptocurrency market recovers, airdrop activities for new projects have also attracted a lot of attention. Recently, whether it is Jupiter ($JUP), Jito ($JTO) or the latest Starknet ($STRK), they all issue airdrops when they are listed, allowing early participants to reap benefits. Many centralized exchanges also provide a "new coin mining" function, allowing users to stake specific currencies to be the first to obtain new coins that will be listed.
After receiving the airdrop, investors had mixed reactions. Some people will choose to sell out within a few hours after the market opens, while others will observe the market changes within a few days of listing to ensure that they will not sell out.
How long do you have to wait to sell after listing to get the maximum profit? According to "Cointelegraph", the latest data from the cryptocurrency ranking website CoinGecko shows that if you hold a new airdrop token for more than 14 days, there is a nearly 50% chance of missing the opportunity to sell at an all-time high.
CoinGecko counts the 50 popular airdrop tokens in the past 4 years and records the performance of these coins after they were listed. Data shows that 23 airdrop tokens (46%) will peak within two weeks of listing.
Source: CoinGecko
In addition, most projects reached their peak within a few months, with only one project taking more than a year to reach its peak. CoinGecko said the data represents the best time to sell airdrop tokens, which could be within 14 days of receiving the airdrop.
A handful of airdrop tokens hit gains of less than 425% in 14 days
According to the data, the airdrop tokens that have achieved the highest rewards in the short term are: Ethereum Domain Name Service ($ENS), X2Y2 ($X2Y2), Blur ($BLUR), LooksRare ($LOOKS) and ArbDoge AI ($AIDOGE), all It achieved gains of 73%-425% in 14 days.
Taking the recent airdrop tokens as an example, Jito ($JTO) rose by 43% on the second day after listing, Wen ($WEN) rose by 37% on the third day, and Dymension ($DYM) rose by 37% on the tenth day. rose 75%, Manta Network ($MANTA) rose 72% on the 12th day, and Heroes of Mavia ($MAVIA) rose 217% on the 13th day.
Among the 50 popular airdrop tokens, 7 tokens peaked on the day of the airdrop, and the price has not returned to the high point since then. For example, the Solana decentralized aggregation exchange Jupiter, whose token $JUP once soared to about 0.66 The U.S. dollar once rose to $0.87 on Binance, but then fell 28% and is currently quoted at $0.492.
Will airdrop coins be more beneficial when market sentiment changes in 2024?
Of the 50 airdropped tokens, 27 (54%) hit all-time highs within 15 days to 581 days, and the price peaks of these projects generally coincide with favorable market conditions and developments in each project.
For example, the NFT market is still in a bull market at the beginning of 2022, which has led to good performance by ApeCoin ($APE), $X2Y2 and $LOOKS; while the market recovery and the Bitcoin ETF boom from 2023 to 2024 have also driven Arbitrum ($ARB), Celestia ($TIA) and Arkham ($ARKM) grew rapidly after airdrops.
It is worth noting that 21 airdrop tokens reached historical highs in 2023-2024, 5 of which were recently issued and reached their peak within 14 days, such as the above-mentioned $MANTA, $JUP, etc. CoinGecko said this represents a shift in market sentiment in 2024. It may be more profitable to hold airdrop tokens when they reach new valuations in an expected bull run.
The following is part of the airdrop token reward chart compiled by CoinGecko. You can clearly see when the token reached its peak and how much reward investors received when clearing out at the high point. The detailed chart can be viewed here.
Source: CoinGecko
