SOS Token Suffers a 20% Drop in Price After Initial Success

SOS Token Suffers a 20% Drop in Price After Initial Success

Following the release of OpenDAO on Christmas, the DAO token reached immense heights - an almost 500% increase in just a few days, but suffered over a 20% loss in the past 24 hours.

Initially, the OpenDAO project offered free NFTs (airdrops) for users on OpenSea based on how much users have spent on the marketplace. This resulted in the DAO token swiftly reaching its all-time high of $0.000011 per unit. 

With currently over 200k owners of SOS, the airdrop distributed half of the total supply; some still waiting to be redeemed by eligible OpenSea users until June 30, 2022. About 20% of the whole SOS supply will be used to compensate users that were subject to scams, support upcoming artists, and give out Developer Grants.

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An additional 20% of the SOS tokens will be used to incentivize staking via proof-of-stake blockchain platforms.

As the emergence of altcoins has increased immensely in recent years, and with about 100 new cryptocurrencies released each day, it’s getting much harder for blockchain developers to promote their crypto and stand out from the rest. 

That’s why airdrops, like the one that OpenDAO did on Christmas Eve, is proof of successfully bringing awareness to a newly formed token, with benefits for users who participate in taking it to the top via rewards in crypto. It is quite certain that more of these airdrops from DeFi blockchain projects will be seeing the light of the day in the near future.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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