"BERA Token Plunges 49% Post-Historic $1.1B Airdrop"

Berachain (BERA) Price Drops From $15 As Post-Airdrop Selling Pressure Increases

Berachain, a layer-1 blockchain that spun out of an Ethereum NFT project in 2021, launched its mainnet and commenced a $1.1 billion BERA token airdrop to the community on Thursday. The airdrop, which is the largest in history, has led to a significant increase in selling pressure, causing the price of BERA to drop from its peak of $15.

The airdrop, which is part of Berachain's "proof-of-liquidity" consensus mechanism, has allocated 15.75% of the total BERA supply (79 million tokens) to the community. Of this, 11.15% (55.75 million tokens) is directly available to users today, providing more than $800 million to recipients at the peak trading price so far on Thursday.

The additional 4.6% of the total supply for the airdrop allocation is reserved for select social media users, teams, and applications that earned a share via the "Request for Broposal," an incentive program for applications and communities held by the chain. The final airdrop recipients will be those that deposited to Boyco, the network's pre-launch liquidity platform, and will receive their rewards within 30-90 days, based on the markets they participated in.

At the peak price so far of $14.83, the BERA airdrop would grant more than $1.1 billion to the community when all parties have claimed. However, the price of BERA has since fallen approximately 49% to $8.00 at the time of writing, indicating a significant increase in selling pressure following the airdrop.

Smokey the Bear, a pseudonymous co-founder of Berachain, posted on X (formerly Twitter) that the team would be "in the trenches busting bugs and helping teams get set up to win on Berachain." The network, which is "EVM-identical," allows users to easily add Berachain support to popular Ethereum Virtual Machine wallet providers like MetaMask or Rabby, enabling them to interact with the network and gain access to their tokens.

Beyond the initial aird