Ethereum layer-2 network Scroll launched its SCR token in a highly anticipated airdrop conducted on October 22. However, widespread dissatisfaction among recipients, who complained about the small amounts of SCR they received, has put significant selling pressure on the token.

Currently trading at $1.04, SCR has seen a 19% decline in the past 24 hours. As bearish sentiment continues to grow, the token’s price may face further losses. Here’s why.

Scroll’s Airdrop is the Cause Of Its Problems

According to a blog post from the team, Scroll’s airdrop distributed 5.5% of the total SCR supply—55 million out of 1 billion tokens—to early contributors within the ecosystem.

Of this amount, 40 million SCR was allocated to on-chain participants who earned 200 or more Scroll Marks, the platform’s reward points for engaging with the layer-2 scaling network. An additional 1% of the supply was evenly distributed across eligible wallets, while 0.5% was reserved as a “bonus” for users who met specific criteria.

After the airdrop, some users of the L2 network, disappointed by the amount of coins they received, voiced their frustrations on X (formerly Twitter). One user, Joshyy, described it as the “worst airdrop so far,” sharing his disappointment after “farming Scroll with $60 only to receive 973 $SCR.”

Another user claimed to have dumped the tokens they received via the airdrop and bridged all their assets off the chain.

SCR Holders Sell Off Holdings

This surge in SCR’s selling pressure since its launch has caused its value to plummet by double digits. BeInCrypto’s assessment of its technical set

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Author: Abiodun Oladokun