Metaplex Token Drops Strongly After The Second Airdrop

Metaplex (MPLX), a Solana NFT platform, has seen the value of its native token plummet following the news of a second airdrop.

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As CoinCu reported, this week there is an airdrop of MPLX token, which has been trading at $0.35 per token for the last two weeks, has dropped to $0.11 today. This over 60% loss occurred after the project announced the second airdrop of its token.

In September, the Metaplex Foundation hosted its inaugural airdrop, rewarding creators who utilized the project’s tools to debut their NFT collections on Solana. Some community members advocated for an expansion of the airdrop to reward collectors. This issue was put to a vote before the DAO, but those in favor couldn’t garner enough votes to form a quorum.

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The Metaplex Foundation declared on Tuesday that, regardless of the failed vote, it will distribute 40 million MPLX tokens to collectors. Collectors who minted at least five NFTs using the first version of the Metaplex minting module were eligible for this second airdrop.

The second airdrop is already underway. According to data from the project’s website, 10.8 million MPLX tokens have been claimed over the two airdrops.

These coins grant holders governance powers, which means they may be used to vote on things inside the DAO.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.