Rancakmedia.com – Decentralized autonomous organization (DAO) SOS OpenDAO token made its debut on Christmas Eve with an airdrop targeting customers of OpenSea's non-fungible token (NFT) marketplace – and the DAO token's massive spike was followed by a correction.
This project provides free SOS tokens to everyone who has ever spent money on OpenSea according to the volume of their investment.
Neither the OpenDAO project nor the SOS token are formally tied to OpenSea. However, the currency exploded within its first day of introduction, up 489 percent, according to statistics from CoinGecko.
However, the coin has now corrected dramatically. At 8:33 UTC on Monday morning, SOS was down 23.7 percent over the previous 24 hours.
Also, at its peak, SOS achieved a market valuation of over USD 340 million, which then decreased to around USD 252 million.
This project has also undergone a tremendous expansion. In the first two days, the OpenDAO Discord server has more than 50,000 users, while its official Twitter account has amassed around 120,000 followers. Moreover, according to Etherscan statistics, SOS currently has about 203,000 holders.
Meanwhile, the airdrop comprises 50 percent of the SOS token supply. “The distribution is based on the total number of transactions (30 weight percent) and transaction volume on ETH, DAI & USDC (70 weight percent) in OpenSea,” says the project website, adding that users have until June 30, 2022 to claim their tokens.