Comparison before and after the airdrop: 19 cryptocurrency projects all fell by more than 77%

Encryption items before and after the airdrop: 19 tokens, all fell by more than 77%

In this set of data, the transaction prices of all 19 encryption items in 2026 are lower than their airdrop prices, with an average decline of 95.1%.

The data covers the most high-profile token offerings of the past three years, including APE, ENS, ARB, OP, STRK and SONIC, which show the same pattern: high issue prices are followed by continued and severe price declines. This article analyzes the numbers of these tokens one by one, identifies common patterns behind the collapse, and explains what these data means for Indian crypto investors considering participating in airdrops.

Complete Data: Airdrop Price vs Current Price

The following table lists the complete data set, sorted from high to low airdrop price, with a percentage decrease and a multiple of the decline of each token from the issue price.

ENS: Airdrop price is $33.00, current price is $0.044, a decrease of 99.9%, a decrease of 750 times.

APE: Airdrop price is $19.30, current price is $0.144, a decrease of 99.3%, a decrease of 134 times.

BERA: Airdrop price is $11.40, current price is $0.181, a decrease of 98.4%, a decrease of 63 times.

STORY: Airdrop price is $5.90, current price is $0.260, down 95.6%, down 23 times.

OP: Airdrop price is $4.50, current price is $0.092, down 98.0%, down 49 times.

0G: Airdrop price is $3.00, current price is $0.173, a decrease of 94.2%, a decrease of 17 times.

STRK: Airdrop price is $2.58, current price is $0.030, down 98.8%, down 86 times.

TAIKO: Airdrop price is $2.40, the current price is $0.076, a decrease of 96.8%, a decrease of 32 times.

ARB: Airdrop price is $2.20, current price is $0.082, down 96.3%, down 27 times.

JUP: Airdrop price is $1.50, current price is $0.187, down 87.5%, down 8 times.

SOMI: Airdrop price is $1.45, current price is $0.010, down 99.3%, down 145 times.

XPL: Airdrop price is $1.20, current price is $0.082, down 93.2%, down 15 times.

MOVE: Airdrop price is $1.00, current price is $0.098, a decrease of 90.2%, a decrease of 10 times.

CAMP: Airdrop price is $0.90, current price is $0.0003, down 99.97%, down 3,000 times.

SEI: Airdrop price is $0.91, current price is $0.044, down 95.2%, down 21 times.

SONIC: Airdrop price is $0.82, current price is $0.023, down 97.2%, down 36 times.

ZKSYNC: Airdrop price is $0.30, current price is $0.009, down 97.0%, down 33 times.

PENGU: Airdrop price is $0.07, current price is $0.006, down 91.4%, down 12 times.

MEGA: Airdrop price is $0.190, current price is $0.042, down 77.9%, down 4.5 times.

Average decline for all 19 tokens: 95.1%.

The three most extreme crash cases

The crash of three tokens in the data set is particularly eye-catching and deserves separate attention.

CAMP: Actually zeroed. At $0.90 at the time of the airdrop and currently trading at $0.0003, CAMP has fallen approximately 3,000 times from its issue price. In percentage terms, the decrease was almost 100%. This was the worst-performing token in the dataset, and far more than any other, meaning that the value that the airdrop initially seemed to bring was almost completely lost.

ENS: The longest fall from the highest price. The Ethereum Domain Name Service (ENS) was launched at a high-profile price of US$33.00, benefiting from actual utility expectations related to blockchain domain names. The current trading price is $0.044, a drop of 99.9%, and a drop of 750 times from the airdrop price. ENS has real product support and user adoption, and the fact that it has collapsed from its initial level is particularly alarming for investors who believe that practicality protects prices.

APE: Cultural collapse. APE was issued at US$19.30. Relying on the cultural momentum and celebrity effect of the boring ape yachting club, the current trading price is US$0.144, a drop of 99.3%. APE is one of the typical cases in the history of cryptocurrencies in recent years where social media popularity has created an issue price that has nothing to do with the actual use or revenue of the underlying protocol.

Tokens that perform relatively well

In this data set where all tokens fell deeply, several tokens performed relatively less catastrophic.

MEGA: Down 77.9%. This is the smallest percentage decline in the data set. MEGA fell from $0.190 to $0.042, losing just over three-quarters of its value. While this is still a serious loss by any standard other than cryptocurrencies, it is far better than the decline of 95% or more in most other tokens in the data set.

JUP: Down 87.5%. Jupiter is the leading DEX aggregator on Solana with an offering price of $1.50 and currently trading at $0.187. Jupiter is one of the few tokens in the data set with functional products, real daily users, actual expense revenue and clear use cases, which may partly explain why its decline, while severe, is smaller than those agreements that lack substantial activity behind them.

STORY: From US$5.90 to US$0.260, a decrease of 95.6%. Story Protocol's absolute decline is still huge, but its issue price is high and currently retains a value of more than 5 cents. At current prices, it is at a higher level in the data set, despite the poor percentage decline.

What common patterns caused these crashes?

Although each token has its own story, several structural factors repeatedly emerged across these 19 projects, explaining why the gap between airdrop prices and current prices is so consistent.

Airdrop prices reflect the hype cycle, not the underlying value. In most cases, airdrop launch prices are set at times when market expectations are highest and social media attention is highest. The post-issuance price reflects the excitement of those participating in testnets, mining activities or community projects and receiving tokens for the first time, rather than the actual value of the agreement based on revenue, users or adoption rates.

The large-scale unlocking program has caused continued selling pressure. Token airdrops typically distribute only a small portion of the total supply to early users. Most of the tokens are held by the founding team, early investors, and the agreement treasury, and the unlocking program releases additional supplies months or even years after the airdrop. Each new batch of unlocks will provide holders with new selling incentives, which will continue to put downward pressure on prices after the initial issuance boom subsides.

Most protocols have few or no real users. Several tokens in the data set were airdropped to people who had interacted with the test net, crossed chain assets, or completed specific tasks, but no real product was available after that. If there is no organic demand from users who truly need the token to access the service, the price can only go in one direction.

Airdrop recipients are not long-term believers. By definition, airdrop participants receive tokens for free or through low-commitment behaviors such as filling out forms and conducting test transactions. Most recipients have a zero cost basis, which means there is no price level that makes selling painful. Immediate selling pressure from recipients who believe their free tokens are valuable as long as they are above zero is embedded in the issuance structure from the beginning.

The broader market environment amplifies the failure of individual projects. Several tokens in the dataset were issued during or around the general weakness in the cryptocurrency market in 2024 and 2025. Even projects with real support face headwinds from a risk-averse environment, with investors generally reducing their exposure to small-cap tokens.

What does this mean for Indian investors considering airdrops?

For Indian cryptocurrency investors, the data in this table brings in a series of particularly important considerations in addition to the obvious fact that "prices have fallen."

India applies a 30% tax rate on airdrop revenue. When Indian investors receive airdrops, the fair market value of the receiving token is regarded as income under Section 56(2)(x) of the Income Tax Act and is taxed at the applicable income tax rate, up to 30% at higher income levels, plus surcharges and cess. This means that an investor who received 1,000 APE tokens at the airdrop price of US$19.30 would have to pay income tax on approximately Rs 1.6 million (at the current exchange rate) at the time of receipt. If the tokens are now worth Rs 12,000, the investor has already paid tax on an income of Rs 1.6 million that has evaporated.

Subsequent sales will again be taxed at 30%. If investors later sell these APE tokens, the gain or loss will be calculated as the acquisition cost based on the fair market value at the time of receipt. Since the current price is well below the received value, this will generate a loss. But under India's VDA tax rules, losses on one crypto asset cannot be offset against gains on any other crypto asset or revenue source. This loss is effectively voided.

Regardless of profit or loss, TDS will be deducted at the time of sale. When the Indian Exchange finally sells any airdrop tokens, it will deduct a 1% TDS, which will be deducted from the total sales proceeds even if the investor is selling at a huge loss compared to the tax cost basis. TDS can be recovered from the overall tax burden when the income tax return is filed, but the money is cash immediately taken out of your pocket.

The combined tax effect may result in taxes paid for airdrops exceeding the final value of the token. An investor who received APE for US$19.30 paid 30% income tax on that value, and then sold it for US$0.144, which amounts to paying tax on an income that no longer exists. Under Indian law, there is no mechanism to claim a refund of this tax or offset against economic losses.

Should Indian investors participate in airdrops?

The data here does not advocate never participating in airdrops, but suggests treating them with a clear understanding based on understanding the historical results.

If the token is sold at a price close to the issue price immediately before the price falls, the airdrop can still have financial value. This table shows the offer price, not the price one day or week after the issue. If the recipient had acted quickly, many of these coins could have been sold at a profit during the first few days or weeks of the transaction. The problem is that selling immediately requires knowing that the token will fall, anticipating selling pressure before it occurs, and acting when the enthusiasm is highest and the holding pressure is strongest. Most airdrop recipients who intend to hold on for the long term and expect an increase in the valuation of the agreement have been severely hit in this group.

For Indian investors, the additional income tax on receipt makes the discipline of selling immediately more important. If you have to pay income tax on the value of an airdrop when receiving it, then the only rational strategy that can be profitable is to sell at a high enough price that the income exceeds the tax owed, which effectively means selling early rather than holding through the typical post-airdrop fall period.

Frequently Asked Questions

Is every encrypted airdrop destined to fall this much? [TAG Not necessarily, but the dataset for these 19 projects shows surprisingly consistent patterns across release sizes, application scenarios, and market conditions. The structural reasons behind the decline, including massive unlocking schemes, speculative offering prices and selling pressure from receivers, apply to almost all airdrops. Projects with real ongoing revenue, large active user bases, and controlled token unlocks are structurally better positioned to maintain value, but even highly respected protocols like ENS and ARB show up in the table, down 99.9% and 96.3%, respectively.

If I receive an airdrop, how can I tax it in India? The fair market value of airdrop tokens on the date of receipt is generally regarded as income from other sources under Section 56(2)(x) of the Income Tax Act and is taxed at the applicable income tax rate. Any subsequent sale of these tokens is considered a VDA transaction, with the value received as the cost of acquisition, and the proceeds taxed at a rate of 30% plus cess under Article 115BBH. Losses cannot be offset against any other income or crypto gains.

Which token maintains the best value in this dataset? MEGA had the smallest percentage decline at 77.9%, followed by JUP at 87.5%. Both are still serious losses by any standard. JUP is noteworthy because Jupiter runs a functional DEX aggregator on Solana with real daily trading volume, which suggests that true practicality at least provides some price bottom line, although it failed to prevent it from falling sharply from airdrop prices.

What is the average loss for all 19 tokens? From airdrop price to current price, the average decline for all 19 tokens was 95.1%. The median decline was about 97%. In other words, a portfolio that buys all 19 tokens at their respective airdrop prices loses approximately 95 cents for every dollar invested before paying any taxes.

Conclusion: Data are structural warnings, not bad luck

The average 95.1% decline in 19 crypto airdrop projects is not bad luck or the result of abnormal market conditions. It reflects the structural reality of most token airdrop designs and allocations. The offering price is set at the highest excitement point and is determined by recipients who pay no fees, have no long-term beliefs, and sell immediately without facing a tax disadvantage. The best-performing projects are those with functional products that create real and sustained demand for tokens, but even agreements like ENS and ARB that are truly practical appear in the table, with losses well above 95%.

For Indian investors, airdrops are regarded as income and taxed when received, making poor investment results worse. Before deciding whether and when to sell any airdrop tokens, understanding historical price patterns and the tax impact of India is not indispensable, but is key to deciding whether value can be gained from airdrops or whether to pay taxes on lost tax income.