W, OM, ZK … The editor is upset that 50,000 U was airdropped to 5,000 U
Written by: Alex Liu, Foresight News
Illustration by: Raven, Foresight News
Note: "Weekly Hot Searches" statistics are compiled from user search results on Foresight News from last Friday to this Thursday (April 11 to April 17), with case sensitivity for the same concepts merged.
"OM" Flash Crash
This week, the token "OM" of the public chain MANTRA under "RWA" surpassed "airdrop" and became the top search term on Foresight News. The main reason is that "OM" experienced a flash crash in the early hours of April 14, with a 24-hour drop of 84.32%, reaching a low price of 0.37 USDT. In response, the official Twitter account stated, "Today's volatility was triggered by liquidation and is unrelated to the project itself. We need to clarify that this was not caused by our team. We are investigating this matter and will share more details as soon as possible."
On the same day, on-chain detective ZachXBT stated that the MANTRA (OM) crash may be related to Denko (founder of Reef Finance) and Fukogoryushu. It is reported that these two contacted multiple people in the days leading up to the 90% drop in the OM token price, attempting to secure large loans using their held OM tokens as collateral.
Will Airdrops That Aren't Sold Go to Zero?
As one of the most challenging ecosystems in this cycle — a member of the Cosmos community, the editor obtained around 3,000 OM tokens by staking ATOM and holding Bad Kids NFTs, which were worth about $20,000 before the flash crash. After receiving the first batch of 10% airdrop, all were staked, and no short hedging was done, resulting in a $20,000 loss overnight…
The feeling that "airdrops that aren't sold will go to zero" is the editor's true experience in this cycle. On April 15, ZKsync announced that its security team had confirmed that an airdrop admin account was hacked, resulting in $5 million worth of ZK tokens being stolen, causing ZK to briefly drop below 0.04 USDT. The editor's more than 20,000 airdrop tokens were not sold, now worth only 1/6 of their peak value. The Wormhole token W has no actual negative news (and possibly no actual value), but has been on a downward trend, with the editor's peak value of $20,000 airdrop now worth $2,000. Dymension token DYM, Saga token SAGA … there are countless examples of tokens that have dropped from thousands of dollars to only a few hundred dollars.
Selling airdrops as soon as they are received may seem "impolite," but it is the most rational decision. Selling high always profits; I hope readers learn from the editor's lesson…
More Hot Search Updates
- WalletConnect is integrating Wormhole's native token transfer (NTT) framework, bringing its "WCT" token from Optimism to the Ethereum mainnet. This integration will ensure that WalletConnect's programs and governance tokens maintain their native properties while achieving interoperability across ecosystems.
- "Bitget" Token (BGB) completed its first quarterly burn, destroying approximately 30 million BGB.
- According to Cointelegraph data, "stablecoin" trading volume surpassed Visa's payment volume for the first time in 2024.
- According to Fortune magazine, two sources revealed that "Trump's" latest investment project will be a cryptocurrency game branded with the Trump name, which will also have a game experience similar to Monopoly. This game may be a variant of "Monopoly GO!" where players earn game currency by moving pieces on a digital Monopoly board to build buildings in a digital city.
- The meme token "RFC" surpassed a market cap of $100 million on April 14.
- "Morph" launched a Black NFT staking user rights upgrade plan, allowing free minting of Platinum SBT on April 21.
- The DeFi protocol Neutrl completed a $5 million seed round "financing," led by STIX and Accomplice.
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