To capitalize on the burgeoning meme coin market, the TON Foundation recently initiated a massive airdrop, doling out a staggering $2.19 million worth of Toncoin (TON) to fervent meme coin traders.
This distribution, totalling 300,000 Toncoins, targeted the most active participants on platforms like DeDust and Ston. fi.
To qualify for this lucrative airdrop, traders had to engage in transactions on these platforms between March 4 and April 10, while exclusively dealing with whitelisted meme coins, thereby accumulating points within a dynamic reward system.
This system, based on trading volumes, awarded varying points corresponding to different transaction thresholds, fostering a competitive environment among traders.
Participants were incentivized to accrue up to 90 free tokens per wallet. However, stringent measures were in place to prevent fraudulent activities, with Sybil’s addresses promptly disqualified from the snapshot to ensure a fair distribution process.
The timing of this announcement coincided with Toncoin’s meteoric rise in value, surpassing its previous all-time high with a remarkable 14% surge, elevating its price to $7.65 per token.
However, the subsequent revelation of the airdrop details prompted a minor retracement, as TON experienced a 5% dip, settling at $7.22.
With tokens like Dogwifhat (WIF) and Book of Meme (BOME) on Solana blockchain garnering substantial market capitalization and yielding exponential returns for early adopters, TON also aims to carve out its niche and captivate investors and traders alike.
