An Ethereum-based altcoin that has recently entered the crypto markets has recorded massive gains, surging nearly 22x in just 24 hours.
Ethereum-based altcoin increased 22 times
OpenDAO (SOS) has seen a surprising spike in price following its December 24 airdrop. The data shows that SOS rose from a low of $0.00000048 on the day of the airdrop to an all-time high of $0.000001154 on Dec. 25, marking a 2.191 percent rally in just one day. The OpenDAO project has issued the SOS token to reward participants of the NFT industry. For the December 24 airdrop, OpenDAO began distributing SOS tokens to users of OpenSea, the largest NFT marketplace. The following statements were used in the announcement:
SOS is grateful to all NFT creators, collectors and markets for nurturing the entire NFT ecosystem. Special thanks to OpenSea for their leadership in promoting NFT trading. To show our respect, we chose OpenSea to perform our owndrop.
The OpenDao website says that 50 percent of the 100 trillion total SOS tokens will be allocated to those who have transacted on OpenSea since day one. The distribution of coins is based on the total number of transactions the user has on OpenSea, as well as the amount of Ethereum (ETH), Dai and USD Coin (USDC) a user spends on the platform. OpenSea users can claim their tokens until June 30, 2022.
The rest of the tokens will be allocated to the liquidity provider, staking incentives and OpenDAO treasury. The SOS allocated for OpenDAO will be used to compensate victims in the event of fraud on OpenSea, provide developer grants for participants of the SOS ecosystem, and support emerging artists, NFT communities and art conservation.