Withdrawal of Over 74M Dollars Liquidity by Parcl Investors Post Airdrop

Crypto News– Solana-based real estate betting platform Parcl witnesses investors withdrawing over $74 million following an airdrop. The rapid response follows a recent snapshot taken on April 15, where the platform distributed its native Parcl (PRCL) tokens to eligible users.

Withdrawal of Over 74M Dollars Liquidity by Parcl Investors Post Airdrop

However, shortly after the announcement, users initiated a withdrawal spree, leading to a sharp decline in the total value locked (TVL) on Parcl, dropping to $112.1 million. According to DeFiLlama data, this marks a 39.6% decrease from its peak of $185.6 million on April 2.

Parcl’s Setback Mirrors Solana’s Price Movement

Parcl operates as a decentralized platform for real estate trading, enabling users to speculate on the price movements of real estate markets in major cities.

During its recent airdrop initiative, Parcl distributed a remarkable 80 million PRCL tokens to participants. Considering PRCL’s total supply of 1 billion tokens, this airdrop represented an impressive 8% allocation.

However, the launch of Parcl’s PRCL token encountered initial turbulence. Within four hours of the airdrop, prices plummeted from $0.62 to as low as $0.45. As of the latest data, PRCL has slightly recovered and is trading at $0.5258, according to CoinMarketCap. Nevertheless, the price remains down by 35.62% over the past 24 hours, leading to lingering damage to investor sentiment.

Furthermore, Parcl’s challenges are not unique. Other Solana-based tokens are also experiencing volatility, reflecting a broader pessimistic market sentiment.

For instance, the native W token of the cross-chain bridging platform Wormhole has seen a staggering 54% decline since its launch on April 3, despite an $800 million airdrop to eligible users.

Similarly, another Solana-based NFT platform, Tensor, introduced its native TNSR token on April 3, which has also suffered a significant 52.6% decline.