Memecoin Madness: Airdrops on Arbitrum
In recent weeks, there has been an influx of new meme projects popping up on Arbitrum. They have conducted airdrops of their tokens to users who have previously received a distribution of ARB to gain attention and establish initial liquidity.
Promotional campaigns like these are gaining popularity and can be beneficial for new projects. However, in this particular case, only one project has managed to succeed while the others have only generated fleeting hype. This is due to the fact that the projects share certain similarities: they frequently mention AI in their names and have almost identical websites and tokenomics.
While some of these projects may become the Arbitrum equivalent of DOGE in the future, for the most part, they offer quick stories and the opportunity for active participants in the cryptocurrency market to earn a little bit. All of these airdrops follow the rule of "the earlier you come, the more tokens you receive."
Here are some examples of projects and the average earnings of early participants who sold their tokens near their all-time high:
1. ArbDoge AI (AIDOGE) was one of the earliest and most successful tokens. Its total supply was 210 quadrillion coins, and the team used a deflationary model that burned 15% of each transaction. They also launched staking right away, and many centralized exchanges quickly listed it, including OKX, Huobi, MXC, Bitget, and others. As a result, holders were able to receive over $500 per account, which is comparable to the minimum airdrop from Arbitrum.
2. ARBSHIB (AISHIB) is essentially a copycat of the previous token, but it hasn't performed as well. Major exchanges have ignored it, and its price hasn't seen significant gains. On average, users have only earned about $5-15 from it.
3. AiShiba (SHIBAI) is an alternative project that offers an airdrop not only to ARB holders but also to owners of a specific NFT. Although it is listed on reputable exchanges like MXC and BitGet, its price has been decreasing. However, some users have been able to earn around $10-20 from it.
Many people dismiss airdrops as being trivial since many projects turn out to be scams and user activity does not guarantee receiving the airdrop. However, new airdrops keep emerging, and with the right strategy, it's still possible to make a decent profit. The key is to quickly find reliable information and be among the first to claim tokens.
It's also important to be aware of the risks involved. For instance, most projects undergo code audits that reveal the potential danger of uncontrolled changes to transaction fees or unlimited emissions. Therefore, it's crucial to avoid storing large amounts of funds in the wallets used for airdrops. Additionally, carefully scrutinize all requested permissions and promptly revoke them after selling the tokens.
