A comprehensive study by CoinGecko, examining the performance of 50 major cryptocurrency airdrops from early 2020 to February 2024, has uncovered a notable trend: 46% of these airdrops reached their highest valuation within the initial two weeks following their release.

The analysis, focusing on the largest airdrops in terms of market impact, indicates that recipients of these airdrops might benefit most from selling their tokens relatively quickly. Specifically, 23 out of the 50 examined airdrops saw their token prices peak during the first 14 days post-distribution. “This suggests that the best time to sell airdrop tokens may be within 14 days of receiving them, in order to take maximum profits,” the report stated.

Read more: What Is a Crypto Airdrop? A Beginner’s Guide

Highlighted examples from the study include prominent tokens such as Ethereum Name Service (ENS) and X2Y2 (X2Y2), which showed significant price surges (73% and 121%, respectively) within just two days of trading. Similarly, other tokens such as Blur (BLUR) and LooksRare (LOOKS) witnessed substantial gains within the first ten days.

The study also shed light on the short-term vs. long-term value realization of certain airdrop tokens. While many experienced peak values in the early days, a substantial number of airdrops—27 out of 50—reached their highest gains more than two weeks after the distribution date.

Moreover, the report highlights the influence of broader market conditions on airdrop valuations. For instance, during the bull run of 2021, a significant portion of the airdrops achieved their all-time highs, with some like Uniswap’s UNI witnessing staggering returns much later than the initial two-week period.