SOS Token Crashed 64% Since Christmas: Price Analysis

OpenDAO’s SOS token crashed 64% since Christmas day as the airdrop lost its steam and the price more than halved despite the new wave of partnerships and exchange listings as we are reading more in today’s altcoin news today.

The Christmas Eve airdrop of OpenDAO’s SOS token had a bearish turn. After hitting an all-time high of $0.00001108 one day after the airdrop, the ERC-20 token crashed by 64% since then. The SOS token crashed soon after the airdrop. The token was airdropped to the crypto users who had spent money on the current biggest NFT marketplace OpenSea. So far, about 39 trillion tokens were claimed by the users with 80% of the sum earmarked for the airdrop.

https://twitter.com/Xdotxyz/status/1475344177735299073

The amount of SOS tokens each person earned was based on the money amount they spent on OpenSea. If you purchased a random piece of digital art, the payout was quite small. If however, you invest in CryptoPunk, you would be reached in SOS tokens. These days, the token crashed despite the string of exchange listings and partnerships along the way, and after getting listed on Huobi Global, OKEx, and Gate which the project made a new partnership with Treasureland NFT platform. The deal means that NFTs on this platform can be purchased using SOS and 50% of the trading fees are given to OpenDAO for further ecological development according to the marketing materials.

Another NFT-related platform dubbed X also signed on and the marketplace noted that SOS could be used as a payment and if users stake their SOS holdings they will earn a quarter of X’s total token supply over the course of four years and the token has yet to launch. The final partnership happened with Shopping.io which is a well-known e-commerce bridge that allows users to pay in crypto for the items found on sites like eBay, Walmart, and Amazon so SOS is now a payment option when using this bridge. The developments were not enough to keep SOS on the soaring ride yet.

As recently reported, SOS is an airdrop from OpenDAO and it got distributed to people that spent money on OpenSea transactions and the token is up by 1167%. The project is not affiliated with OpenSea but about 200,000 wallets claimed SOS tokens and the contract has a market cap of more than $200 million. On Christmas Eve, anyone that spent money on OpenSea could claim a free Ethereum token called SOS, and the amount of SOS they would get was determined by how much money they spent on NFTs on the platform.