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Blast long awaited parachute drop of his Ethereum On Wednesday, the token faced significant price volatility, some apparent disappointment from users and a increase in fraudulent tweets attempt to extract funds from enthusiastic traders. But the price gradually increased during the day.
The token debuted on Wednesday at around $0.025, but then declined in price, dropping to around $0.020. But over the course of the day, it gradually climbed to a high price above $0.029, allaying some traders’ fears that BLAST would continue to fall.
It has since declined, however, it is sitting at a current price around $0.024according to data from CoinGecko. That’s up about 10% in the past 24 hours.
The highly anticipated drop was distributed approximately $354 million value Blast tokens to the community after months of incentive-driven hype around the network, creating initial excitement among users.
THE Ethereum Layer 2 scaling network, from the founder of NFT marketplace Blur, has become a community of approximately a million people within four months, according to a press release published Wednesday on his Twitter account (aka X).
However, the celebration that greeted its launch was short-lived, as scams and community discontent quickly surfaced.
Arthur Cheong, founder and chief investment officer of DeFiance Capital, noted that the initial fully diluted (FDV) valuation of $2 billion was below expectations.
“Given how the previous L2 [have] negotiated at launch”, Cheong tweeted“I expected at least $5 billion FDV.”
“The days of highly anticipated infrastructure projects trading at over $20 billion FDV at launch are likely over,” he added.
In addition to a disappointing initial assessment, many members of its community fell victim to scammers exploiting the frenzy surrounding the airdrop.
Verified Twitter users with gold checks– offered to verified organizations and their employees or affiliates – were among those that spread fraudulent links and misleading information, causing significant financial losses for some.
The situation has drawn attention to persistent vulnerabilities in the crypto space, especially during high-profile events like airdrops. At least a dozen accounts with gold checkmarks have been spreading false information while impersonating the official Blast account.
“Be wary of accounts that try to impersonate Blast,” the token’s official X account warned on Wednesday.
According to Scam detectiveOne victim lost $218,000 to scammers within hours of launch “due to signing multiple phishing signatures.” Amid the chaos, Blast’s price took a sharp drop, leaving investors and enthusiasts disappointed.
Initially, the price dropped as holders rushed to sell their airdropped tokens, causing the market value to plummet. This sharp price drop was exacerbated by negative sentiment stemming from scams and general discontent within the community.
Edited by Andre Hayward
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