Meme Coin Airdrops Abound Even As The Frenzy Slows Down

Key Takeaways:

• New projects are trying to keep things interesting in the meme coin ecosystem through airdrops.
• However, the frenzy surrounding the tokens seems to be fizzling out.

NEW DELHI (CoinChapter.com) — Air in the crypto ecosystems rife with the smell of new memecoins. The tokens took the market by storm, with several meme coins registering massive gains.

Although the frenzy is dying, the recently launched meme coins have started airdrops to attract investors’ investment. Pepe Coin, leader of the pack of the latest meme coins, announced an airdrop on April 18 with a website to help users claim the tokens.

However, the website is currently down, and alternative domain names aren’t working, which might suggest a pump-and-dump scheme in the works. Combined with the lack of transparency surrounding the token, traders would be wise to remain cautious while investing in the project.

Another meme coin, WOJAK, announced an airdrop for winners of a contest to design a new NFT. The project asked users to create an image based on the Wojak guy, a popular meme. While the NFT did go live, no information is available for the airdrop.

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ArbDoge, a project seemingly named from a mashup of ARB and DOGE tokens, announced an airdrop of its total supply, a massive 210 quadrillion AIDOGE tokens. Moreover, a spinoff of Baby DogeCoin, Baby Doge Billionaire, has also announced an airdrop.

Meme coin airdrops attract users as they award a huge amount of a new token, which can net traders huge profits once the token launches or gains. However, it would be wise to remain wary when connecting wallets to stay safe from scams.

Meme Coins’ Price Drops

Meanwhile, the meme coin rally seems to have fizzled out. Even the established meme tokens, like Shiba Inu (SHIB) and Dogecoin (DOGE) have seen their prices fall over the past 7 days.

Recent sensation PEPE coin price has dropped more than 67% from its May 5 ATH of $0.0000045. The top 100 PEPE whales control nearly 55% of the token’s circulating supply. The 100 wallets might be different individuals or controlled by a few individuals, which means PEPE’s fate could rest in a few hands.

Furthermore, WOJAK coin price has dropped over 82% from its ATH of $0.001076 to form a low of $0.00018 on May 11. The downtrend might result from lesser-than-expected inflation in the US, which could mean a more dovish Fed policy.

The downtrend could also be from whales dumping their holdings or traders booking profits, or simply people losing interest.