Investors in the Solana-powered real estate betting platform Parcl have withdrawn over $74 million from the protocol following its recent airdrop snapshot in April.
Parcl rewarded eligible users with its native PRCL tokens on April 15, based on their point balances captured on April 3.
Withdrawals began soon after the snapshot, leading to a significant drop in Parcl’s total value locked. According to DeFiLlama data, it has decreased by 39.6% from its peak of $185.6 million on April 2, now standing at $112.1 million.
Parcl, an innovative platform revolutionizing real estate trading, offers users an exciting opportunity to engage in speculation on major city real estate markets. Through its decentralized structure, users can participate in the thrilling world of real estate price movements.
During the airdrop campaign, participants were generously rewarded with 80 million PRCL tokens, accounting for 8% of the total token supply of 1 billion.
The highly anticipated debut of the PRCL token saw it start trading at $0.62. However, within the first four hours post-airdrop, it experienced a slight dip, reaching as low as $0.45. Despite this initial fluctuation, the token has shown resilience, bouncing back to around $0.55, as reported by CoinGecko.
As the market takes a downturn with Bitcoin dropping over 7% this week to $63,877, attention is turning to the performance of recently airdropped tokens on the Solana network, which have been notably struggling amidst the wider tumble.
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