As Bitcoin recently spiked to a new high above $69,000, causing a stir in the cryptocurrency market, Binance remained a focal point with its latest operational moves. Last night, the cryptocurrency giant completed an airdrop of PIXEL tokens to users who had participated in its RONIN Locked Products. The airdrop has been fully distributed, and users can now verify the receipt of their PIXEL tokens via Binance’s Airdrop Portal.
Binance Successfully Distributes PIXEL Tokens
In a recent blog update, Binance announced that the PIXEL airdrop specifically targeted verified users holding RONIN Locked Products. The snapshot for the airdrop was taken on February 8, 2024. Participants were required to have an active and unrestricted Binance account with at least one RONIN Locked Product containing a minimum of 1 RONIN at the time of the snapshot.
Market Response to Airdrop News
Despite the airdrop, RONIN’s price did not experience an uptick and suffered a 5.2% drop, trading at around $2.75, as Bitcoin underwent a price correction. RONIN’s market cap mirrored this downtrend, reducing by over 5% to $829 million. However, its trading volume saw a 20% increase, indicating a possible sell-off by users post-announcement.
In contrast, PIXEL’s price responded positively to the airdrop news, climbing more than 6% and trading over $0.56. The trading volume for PIXEL surged by 86%, indicating heightened activity and surpassing the $250 million mark within 24 hours.
While Bitcoin’s fluctuation captured global attention, Binance continues to incentivize its user base with strategic airdrops, affecting token prices and trading volumes. The PIXEL airdrop serves as a recent example of Binance’s ongoing initiatives to reward and engage its community of cryptocurrency enthusiasts.