An Ethereum-based altcoin that has recently entered the crypto market has made a massive 22-fold gain in just 24 hours.
OpenDAO (SOS), has experienced a surprising increase in price after its airdrop on December 24.
Data from CoinMarketCap indicates that SOS rallied from a low of $0.00000048 on the day of the airdrop to an all-time high of $0.000001154 on Dec. 25, rallying 2191 percent in just one day.
The OpenDAO project launched the SOS token to reward participants of the non-fungible token (NFT) industry. On December 24, OpenDAO began distributing SOS tokens to users of OpenSea, the largest NFT marketplace, as part of its airdrop.
“SOS is grateful to all NFT creators, collectors and markets for their contribution to the NFT ecosystem as a whole. OpenSea deserves special recognition for its leadership in promoting NFT trading. To honor them, we have selected OpenSea collectors to carry out our airdrop.”
According to the OpenDao website, 50% of the 100 trillion total SOS tokens will be allocated to those who have traded on OpenSea since day one. The distribution of coins is determined by the total number of transactions the user has on OpenSea, as well as the amount of Ethereum (ETH), Dai and USD Coin (USDC) a user spends on the platform.
OpenSea users have until June 30, 2022 to claim their tokens.
The rest of the tokens will be distributed as follows: 10% for liquidity provider incentives, 20% for staking incentives and 20% for OpenDAO Treasury.
SOS allocated for OpenDAO will be used to compensate victims of OpenSea scams, provide developer grants for participants of the SOS ecosystem, and support emerging artists, NFT communities and artwork preservation.
SOS has suffered a pullback since recording an all-time high and is currently trading at $0.000006.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.