Following the success of $SOS, yet another airdrop, $GAS, attracted $50 million in market capitalization in mere hours. Have airdrops already jumped the shark? Blockanalia reports
the Gas DAO team simply wrote, “In the coming days Gas DAO will publish another post outlining the governance structure for Gas DAO.”
Because of crypto’s open-source nature and the speed with which new concepts can proliferate, exciting new verticals are often copied and manage to attract investors despite a lack of innovation, ultimately creating sector bubbles. One example is the trend of yield farms and “vampire attacks” devolving into “food farms” during the DeFi Summer period of 2020.
The Uniswap decentralized exchange pool for GAS/ETH is listed among blockchain analytics firm Nansen’s “hot contracts,” and multiple Ethereum addresses with the “smart money” label are providing liquidity to the pool. Providing liquidity to airdropped tokens is a popular strategy among advanced users, as airdrops often feature high volatility and volumes, and therefore allowing them to harvest a greater amount of trading fees.
Per CoinGecko, GAS is one of the top 100 cryptocurrencies by trading volume despite only barely reaching the top 1,000 by market capitalization on a 24-hour basis. Nonetheless, the price of GAS has also been stuck in a near-continuous
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