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OpenDAO's SOS Token Falls Over 20% After Its Initial Near-500% Leap
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Decentralized autonomous organization (DAO) OpenDAO launched on Christmas Eve with an airdrop targeting users of the major non-fungible token (NFT) marketplace OpenSea - and a massive rise of the DAO's token was followed by a correction.
The project distributed free SOS tokens for anyone who had ever spent money on OpenSea based on their investment volume. Neither the OpenDAO project nor the SOS token are officially bound to OpenSea. Still, the coin skyrocketed within the first day of its debut, gaining 489%, according to data by CoinGecko.
However, the coin has since corrected sharply. At 8:33 UTC on Monday morning, SOS is down by 23.7% over the last 24 hours.
Additionally, at its peak, SOS reached a market capitalization of over USD
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