An Ethereum-based altcoin that has recently entered the crypto markets is posting massive gains to the tune of nearly 22x in just 24 hours.
OpenDAO (SOS) saw a staggering increase in price following its airdrop on December 24th.
Data from CoinMarketCap shows that SOS surged from a low of $0.00000048 on the day of the airdrop to an all-time high of $0.00001154 on December 25th, marking a 2,191% rally in just one day.
The OpenDAO project launched the SOS token to reward the participants of the non-fungible token (NFT) industry. For its airdrop on December 24th, OpenDAO started to distribute SOS tokens to users of OpenSea, the largest NFT marketplace.
“SOS is grateful to all NFT creators, collectors and markets for nurturing the entire NFT ecosystem. Special thanks go to OpenSea for its leadership in promoting NFT trading. To pay tribute, we have chosen OpenSea collectors to conduct our airdrop.”
The OpenDao website says 50% of the 100 trillion total SOS tokens would be allocated to those who have traded on OpenSea since day one. The distribution of coins depends on the user’s total number of transactions on OpenSea as well as the amount of Ethereum (ETH), Dai and USD Coin (USDC) that a user has spent on the platform.
OpenSea users can claim their tokens until June 30th, 2022.
The rest of the tokens will be distributed as follows: 10% for liquidity provider incentives, 20% for staking incentives and 20% for the OpenDAO Treasury.
The SOS allocated for OpenDAO will be used to compensate OpenSea scam victims, provide developer grants for participants of the SOS ecosystem and support emerging artists, NFT communities and art preservation.
SOS has retraced since recording its all-time high, and it is now exchanging hands at $0.000006.
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Featured Image: Shutterstock/Tithi Luadthong
Read More:New Ethereum-Based Altcoin Skyrockets a Staggering 2,191% in Just One Day – The Daily Hodl
