The well-known, decentralized science network, Bio Protocol, experienced a downward trend as it extended its reach onto the Solana network.
The price of Bio Protocol (BIO) has fallen to $0.52, which represents a significant decrease of more than 64% from its peak on January 3rd, thereby reducing its total market capitalization to approximately $862 million.
The plunge of this token is reflective of the broader crypto market trends, where the majority of coins have seen a decline this week. Notably, Bitcoin (BTC) has fallen beneath $95,000, and many other alternative coins have experienced sharper declines.
The dip in BIO’s value coincides with a common trend observed in recent airdrops, where they surge during the initial days but then typically experience a decline afterward. For instance, tokens such as Hamster Kombat (HMSTR), Wormhole (W), and Grass (GRASS) have all seen significant drops from their peak values.
Despite growing its network on the Solana blockchain through a partnership with Wormhole, BIO’s price decreased. This alliance enables users to exchange BIO tokens between Ethereum and Solana at reduced costs, paving the way for Bio Protocol to evolve into a multi-chain platform. Moreover, the project intends to migrate to Base, the layer-2 network developed by Coinbase.
DeSci on Solana is inevitable
BIO on @Solana is live, powered by @wormhole
Details below
— BIO Protocol (@bioprotocol) January 9, 2025
As a dedicated researcher, I am excited about the aspirations of Bio Protocol to establish itself as a significant force within the decentralized science (DeSci) sector. At present, our platform is home to eight Bio Decentralized Autonomous Organizations (BioDAOs), with plans to introduce additional ones in the upcoming months.
Distinguished Bio Decentralized Autonomous Organizations (BioDAOs) include VitaDAO, Quantum Biology DAO, HairDAO, and AthenaDAO. AthenaDAO is dedicated to women’s health studies, whereas VitaDAO carries out decentralized research aimed at addressing aging issues. BIO Launchpad has amassed $30.3 million in funding for these research initiatives.
It’s unclear at this point if the price of BIO will bounce back following its current downturn. Looking at the trends of comparable airdrops, it seems that recovery might take some time. As of now, Wormhole is 85% below its maximum historical value, and Notcoin has plummeted by approximately 80% from its peak. Airdrops such as ZkSync and Hamster Kombat have also experienced similar drops in value recently.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- XRP Price Eyes $2 Support Level Amidst Market Correction
- OREO Unveils Six New Products for 2025
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- India signals no fixed timeline for crypto rules, calls for global alliance
- PYTH PREDICTION. PYTH cryptocurrency
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
2025-01-09 17:32