According to their research, 23 out of 50 projects (46%) that conducted major airdrops experienced a peak in token prices within the first two weeks after issuance. This finding suggests that the best time to sell airdrop tokens is during the 14-day period following their distribution. Notable coins that achieved maximum short-term profitability include:
Ethereum Name Service (ENS): Gained +73% by the second day of trading.X2Y2: Increased +121% by the second day. Rose +90% by the second day.LooksRare: Surged +192% by the 10th day.ArbDoge AI: Skyrocketed +425% by the 14th day.
Among recent distributions, Jito saw a +43% increase by the second day, Wen gained 37% by the third day, Dymension rose +75% by the 10th day, Manta increased +72% by the 12th day, and Heroes of Mavia surged +217% by the 13th day.
In other words, interest in tokens typically spikes immediately after an airdrop and the start of trading. This confirms that token distribution is an effective marketing or development tactic. Interestingly, seven of the studied projects reached their peak on the first day of trading. For instance, the Solana-based DEX aggregator token Jupiter started at $0.66 but then declined by 28%.
On the flip side, 27 out of 50 major airdrop tokens achieved their all-time high (ATH) more than two weeks after launch, ranging from 15 to 581 days. Market conditions significantly impact token prices received during airdrops. During the bullish market of 2021, 19 coins (38%) hit their ATH. Among them, four tokens reached their peak more than 100 days after the airdrop: Uniswap (+1145%), 1inch (+216%), Gitcoin (+242%), and Bank (+94%).
For some airdrops, recipients may consider holding their tokens to accumulate value over an extended period for higher profits during favorable market conditions. During the bearish cycle of 2022, only 11 out of 50 issued tokens reached their peak shortly after the airdrop. However, with the return of bullish sentiments in 2023 and 2024, 21 out of 50 tokens reached their peak. Eight of these tokens hit their ATH more than 100 days after the airdrop, while five tokens achieved it within 15 to 100 days. The remaining eight tokens reached their highest point within 14 days.
Notably, on February 20, 2024, StarkNet unlocked 728 million STRK (7.3% of the total supply) in an airdrop to over 1.3 million wallets. On the same day, the second-layer Ethereum network team Optimism distributed 10.3 million OP tokens (~$39.2 million) among 22,998 unique addresses.
