Gas DAO Token Struggles to Maintain Momentum After Airdrop
Following the meteoric rise of SOS, another airdropped token, GAS, is now available to all Ethereum wallets. The newly generated GAS token's run maybe even shorter, with no product, plans for development, or utility.
Nearly 650,000 Ethereum users received the token after meeting specific on-chain requirements, including spending more than $1,559 in gas fees. So far, 26,000 people have claimed the token, which had a market valuation of more than $50 million earlier today.
Despite just making the top 1,000 by market capitalization on a 24-hour basis, GAS is one of the top 100 cryptocurrencies by trading volume, according to CoinGecko. The price of GAS has been in a near-constant fall since its initial public offering on Wednesday morning. Similarly, SOS is plummeting: the token has lost 33% of its value in the last day.
Unlike SOS, GAS has failed to enjoy an initial price surge and may already be trapped in a death spiral. Neither SOS nor GAS currently has a working product, and Gas DAO doesn't have a stated plan for one, either.
This recent trend of targeted stands out both for the lack of a compelling initial concept and for the speed at which it has reached unsustainable absurdity.