- Solana is gaining popularity with crypto traders because of crypto airdrops.
- The blockchain’s native coin has risen by 50% since the start of April.
- Solana has announced many more projects for the future that may have airdrops.
Solana (SOL), an open-source blockchain project, has risen in value following multiple projects launching with airdrops.
Recently, airdropping blockchains are making a re-entry. Out of these, the most notable are Uniswap and MEME. Users gained as much as $600,000 for simply holding onto their tokens.
Even though Solana has not expressed any form of strategy with its project launches, its airdrops are attracting new users to the platform. This has caused a rise in price for SOL.
For instance, the protocol’s decentralized exchange Serum (SRM) was behind the recent COPE airdrop that distributed 2,000 tokens to users. Solana selected these users on the criteria that they participated in the joint DeFi hackathon it held along with Serum.
Following the event, Serum listed COPE, which rose to a high of $5.43 on April 11. It gave holders a reward north of $10,000. This would explain the appearance of many other token launches and airdrops. They also have similar-sounding names, i.e. HOPE, ROPE, and KOPE.
This was possibly the reason for Solana’s 50% price spike since early April. However, it isn’t possible to be sure with the data available right now. Users trading on the platform needs SOL for conducting transactions and are likely rushing to buy it in time for airdrops. This may be a good catalyst for SOL’s price rise.
Traders still hoping to join the airdrop party at Solana need not worry since the season is far from over. Solana recently tweeted about its future projects and it looks like the fun has just begun.
This article was first published on coinquora.com
