Report: 3 out of 4 Orderly Airdrop Recipients Dumped Their Tokens

orderly airdrop

On August 26, 2024, Orderly launched its native $ORDER token, distributing 133 million tokens to eligible participants as part of a significant airdrop. Within four days, the data reveals that:

  • 75% of those who claimed their airdrop allocation opted to sell their tokens, with a staggering 91% of these sellers dumping their entire allocation.
  • 56,307,999 $ORDER were sold, making up for 42% of total airdrop allocation. 
  • Only over 60k airdrop recipients have claimed their token.

Orderly Network Airdrop Overview

The Orderly airdrop allocated 133 million $ORDER tokens, contributing to a total circulating supply of 174 million tokens out of a total supply of 1 billion. The fully diluted valuation of the $ORDER token was $186.77 million, with the market cap standing at $32.5 million as of August 30, 2024.

How Orderly airdrop recipients are doing with their rewards

By August 30, 2024, 60,018 recipients had claimed their $ORDER tokens. The project has not disclosed the total number of recipients. However, in their previous announcement about airdrop, there are over 230,000 eligible wallets. With that in mind, we can assume less than 26% airdrop recipients have claimed their tokens.

Out of these, 75% chose to sell their tokens, leading to the sale of 56.3 million $ORDER tokens. Among those who sold, an overwhelming 91% liquidated their entire allocation, highlighting the tendency of airdrop recipients to seek immediate liquidity.

The influx of tokens into the market had a noticeable impact on the $ORDER token price. Initially, the token reached a high of $0.203 on the day of the TGE. However, following the substantial sell-off, the price adjusted to $0.187 by August 30, 2024.

Despite the significant selling pressure, some $ORDER tokens were staked rather than sold. A total of 32.98 million $ORDER tokens have been staked, indicating a portion of the community’s commitment to the long-term value of the token.

Methodology

To calculate the data for this report, we use sub-graph from The Graph. First, we got the airdrop distribution address of Orderly. From there, we got the claimed addresses. Then we continued to track the activities of these addresses.

We define these acts as “token selling”:

  • Sell the token on DEX
  • Deposit the token on CEX
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