Study Finds 46% Of NFT Airdrops Hit All-Time Highs In Their First Two Weeks

Updated: 23 February 2024

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The non-fungible token market has rapidly grown into a vast business investment similar to traditional assets such as equity, commodity, and currency trading. Since the digital asset market has become highly competitive, many crypto projects and brands have adopted non-fungible token airdrops as their powerful tool for marketing.

46% Of Airdrops Hit All-time In The First 2 Weeks

Data analysis conducted by CoinGecko.com, an on-chain market data aggregator, shows that nearly half of non-fusible token airdrops recently launched hit their all-time highs in the first two weeks, leaving investors with some tangible profits.

Ever wondered when airdrop tokens reach their all-time high? 🪂

Our study shows that 23 out of the 50 biggest airdrops (46%) recorded peak token prices during the first 2 weeks of their airdrop date.

Read the full study: https://t.co/egKT5m2eH9 pic.twitter.com/Mjm6O3fJvv

— CoinGecko (@coingecko) February 23, 2024

By description, an airdrop is the distribution of a non-fungible token collection to the public or whitelisted individuals, often for free. In most cases, NFT airdrop events are organized by various companies to promote themselves among crypto enthusiasts.

The market data analytic firm has examined the trading activity of the 50 biggest non-fungible token airdrops. The researchers have found that at least 23 out of the 50 biggest NFT airdrops, or 46%, recorded peak token prices during the first two weeks of their airdrop date.

Some of the popular airdrop tokens that reached their highest price returns in the short term include the Ethereum Name Service, which went +73% by day two of trading; X2Y2, which went 121% by day two; Blur, which went +90% by day six, LooksRare, which skyrocketed +192% by day ten, and ArbDoge AI, which boomed 425% by day fourteen.

Other more recent airdrops that reached their highest price returns in the short term include Jito, which skyrocketed +43% by day two; Wen, which pumped 37% by day three; Dymension, which rose +75% by day ten; Manta, which boomed+72% by day twelve, and Heroes of Mavia, which mooned +217% by day thirteen.

Based on the coingecko.com research, out of these 23 airdrop tokens, 16 NFT airdrops reached their peak gains between day two and fourteen after the airdrop date. The study confirmed that token airdrops are an effective marketing or growth tactic and a module from quick gains.

10% Of NFT Airdrop Tokens Hit Their ATHs In 2022

Before summarizing, the CoinGecko team found that NFT airdrops played a considerable role during the historic 2021 and 2022 bull run. At the time, 11 out of the 50 airdrop tokens were hitting their ATHs. Three of the 11 airdrop tokens that hit all-time highs included the ApeCoin, LooksRare, and X2Y2.