OpenDAO's SOS Token Drops More Than 20 Percent

Lutfi

OpenDAO's SOS Token Drops More Than 20 Percent
OpenDAO's SOS Token Drops More Than 20 Percent

Rancakmedia.com – Decentralized autonomous organization (DAO) OpenDAO's SOS token debuted on Christmas Eve with an airdrop targeting customers of non-fungible token (NFT) marketplace OpenSea – and the DAO token's big surge was followed by a correction.

The project provides free SOS tokens to everyone who has ever spent money on OpenSea according to their investment volume.

Neither the OpenDAO project nor the SOS token are formally tied to OpenSea. However, the currency exploded within the first day of its introduction, rising 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.

Additionally, at its peak, SOS reached a market valuation of over USD 340 million, which later fell to around USD 252 million.

Another 20% of the SOS Token Supply is dedicated to OpenDAO

This project has also experienced tremendous expansion. In its first two days, OpenDAO's Discord server had more than 50.000 users, while its official Twitter account has amassed around 120.000 followers. Additionally, according to Etherscan statistics, SOS currently has around 203.000 holders.

Meanwhile, the airdrop consists of 50 percent of the SOS token supply. “Distribution is based on the total number of transactions (30 percent by weight) and transaction volume on ETH, DAI & USDC (70 percent by weight) on OpenSea,” the project website said, adding that users have until June 30, 2022 to claim their tokens.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.