Crypto network LayerZero has announced plans to conduct an airdrop by next June. An airdrop refers to the process where project owners distribute a certain token to existing token holders for free. Airdrops are used to expand the communities of cryptocurrencies and to attract more interest.
Airdrops can increase participation in the project and encourage users to take a closer look at the details of the project. Often, they can cause short-term fluctuations in the price of a cryptocurrency. They may lead to investors buying or selling the relevant cryptocurrency in order to obtain the token.
LayerZero announced to its investors through the social media giant X. In their statements, they indicated that they will start the much-anticipated airdrop event by June 2024. The company mentioned that they will have a token related to this event, and they expect it to be distributed correctly, with the distribution taking place in the first half of 2024.
On the other hand, another popular crypto network, Solana (SOL), also announced its airdrop efforts. Airdrop events, which have recently become popular on crypto networks, aim to increase investors’ interest in the network. With the increased interest in the network, it is indicated that price increases may also occur.