Some holders sell causing Blast token price to slip following airdrop
The price of Blast token experienced a significant drop of more than 6% on Wednesday. This decline was a result of the developers distributing 17% of the token’s supply to users who had previously staked ether to earn points. Starting at $0.30, the token fell to $0.025 as some holders decided to sell their positions.
As per CoinGecko, Blast currently boasts a market capitalization of over $385 million and a fully diluted valuation of $2.2 billion. The network’s maximum token supply is set at 100 billion, with 17.16 billion tokens currently in circulation. Blastscan reports a total of 54,341 $BLAST token holders, a number that is expected to continue growing.
Blast has emerged as the sixth-largest blockchain in the industry in terms of total value locked (TVL). Data from DeFi Llama reveals that the network hosts 128 DeFi applications and has a TVL surpassing $1.6 billion. Additionally, there are $4.4 billion worth of stablecoins within the ecosystem.
Some of the key players within the Blast network include Thruster, Juice Finance, Hyperlock Finance, Ring Finance, and Renzo. Blast’s popularity stems from its unique point system, which enables users to earn points through network transactions. This makes it the sole EVM chain that offers native yield for ETH and stablecoins.
Blast joins the ranks of other prominent platforms that have launched airdrops this year. Notcoin, a Telegram tap-to-earn platform, conducted its airdrop in May and currently possesses a market capitalization exceeding $1.5 billion.
Other notable airdrops this year include Wormhole, zkSync, Zeta Markets, and LayerZero. While many of these tokens experienced a drop in value following their airdrops, they have since recovered as the cryptocurrency market stabilized.
The upcoming airdrops of EigenLayer, TapSwap, and Hamster Kombat are being closely monitored. EigenLayer is the largest restaking platform on Ethereum, while TapSwap and Hamster Kombat represent the leading tap-to-earn platforms on Telegram.
