Cosmos’ ATOM token is one of the biggest winners this courtesy of strong buying volume that was likely triggered by news of an upcoming major airdrop. The cryptocurrency might have room for more gains especially with the upcoming developments on the Cosmos blockchain.

ATOM is currently trading at $19.50 after achieving an impressive rally of 30.92% in the last 7 days, but it attributes most of those gains to its performance in the last 48 hours. However, the coin has maintained a strong uptrend since July 20 when it traded as low as $8.9. Its price has more than doubled since then and we might witness some more potential gains if the market maintains its current trajectory.

Source: Binance

From a technical perspective, ATOM found resistance around the $20 price level which happens to be a previously tested zone of support and resistance. Meanwhile, its current rally is supported by strong buying volume in the last three days, likely because of investors buying so they can take advantage of the upcoming airdrops and other developments on the Cosmos blockchain.

What you need to know about the airdrops

There are multiple airdrops scheduled to happen in the next few weeks. One of them is Gnoland, a project launched by Cosmos founder Jae Kwon. He revealed through a tweet that a snapshot is scheduled to take place soon, which means the airdrop for Gnoland will take place shortly after. Another project called Ethermint is expected to launch an airdrop for ATOM holders sometime soon. The project is designed to facilitate compatibility between Tendermint and the Ethereum virtual machine.

Sunny, the project behind the Sunny DEX aggregator on Solana confirmed earlier this month that there will be an airdrop to OSMO holders. The biggest beneficiaries will be those staking on the Osmosis liquidity pool. The project confirmed that 49.7 million SUNNY tokens will be airdropped to OSMO holders after a snapshot on August 6. Another blockchain project called Bitsong which is a platform for artists and their fans recently announced plans to airdrop 10 million BTSG tokens to ATOM holders. The above are just some of the confirmed airdrops but there are others in the pipeline.

Why you should be concerned about Cosmos-related airdrops?

The upcoming airdrops are exciting because they highlight quality projects launching on the Cosmos blockchain. They are opportunities to add some exotic tokens to your portfolio and chances are those tokens will gain value over time, which means you can sell them and earn healthy profits in the future. Meanwhile, launching on Cosmos means more utility for ATOM, and subsequently the potential for robust value in the future.

Note that you have to have ATOM in your wallet before the snapshots, so the first move should be to find out which airdrops have not taken place yet. Consider putting your tokens in a staking pool hosted by the Cosmos blockchain if you want to maximize your chances of receiving airdrop tokens. Note that there are many other developments and projects launching on Cosmos, which will provide more organic growth for ATOM within the next few months.