Tapswap will be one of the top cryptocurrencies to watch this week as the popular and controversial tap-to-earn network launches its airdrop after months of delay.
Tapswap Airdrop is Coming
The airdrop will let users with accumulated tokens claim and exchange them for stablecoins or fiat currencies.
The developers hope Tapswap will be a different token from its predecessors, like Hamster Kombat, Notcoin, DOGS, and Citizen. As shown below, their tokens crashed, and only a few holders have made money.
This chart should scare most TAPS holders. In the last 30 days, the price of Notcoin has crashed by 57%, while the prices of Hamster Kombat, DOGS, CATI, and PunkCity plunged by over 50%.
All these tokens remain significantly lower than their all-time highs.
The chart also shows that many people who claimed the tokens have already dumped them. Notcoin, which had over 40 million users, now has 2.8 million holders, while Hamster Kombat has 3.9 million holders, down from over 300 million last year.
Tapswap developers have worked to prevent the crash that other tap-to-earn tokens have experienced. They have also created strategies to ensure the TAPS token has utility beyond its launch.
For example, they have worked on a skills game where users will play and earn rewards.
A key concern is that there maybe a disconnect between the developers and the tap-to-earn users. Tapswap creators hope to have a vibrant ecosystem, while players want to earn tokens and then exit at a profit when the airdrop happens.
Most Recent Airdrops Crash
Second, as shown below, tap-to-earn tokens have not only crashed after an airdrop. Popular tokens that have been airdropped in the past few months have also plunged.
For example, Wormhole and ZkSync have all plunged despite their strong utility. Recently, the Berachain price has fallen after its airdrop.
Third, many Tapswap miners have been disappointed with the constant airdrop or Token Generation Event delay (TGE). As such, most of these miners want the airdrop to happen and then exit their positions.
This happened among the other tap-to-earn, play-to-earn, and move-to-earn tokens. Notable tokens like Axie Infinity, Decentraland, and Sweat Economy have all plunged.
The plunging price of these tokens could indicate that the “to-earn” model does not work well. These factors explain why the TAPS price may crash after its debut in the public market later this week.
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