Ripple: Number of XRP whales reaches all-time high before Spark token airdrop

  • The number of XRP whales has reached an all-time high in anticipation of the Spark token airdrop.
  • There are almost 95-000 individual accounts set up to receive the SPARK airdrop.

According to the Santiment data analysis platform, the number of XRP accounts holding more than 10 million XRP, representing approximately $5.67 million (at the time of going to press), has climbed to a new all-time high of 339 in anticipation of the Spark token airdrop. According to Santiment, this represents a 10.1 percent increase over the last three weeks.

XRP Wale Santiment

Source: https://twitter.com/santimentfeed/status/1337195085717360644

According to Santiment, it is also noticeable that the trading volume of XRP in anticipation of the Aidrop is about to overtake that of Ethereum (ETH). More than 50 cryptocurrencies, including Coinbase, Bitfinex, Binance, Bithumb and UpBit, are participating in the highly anticipated event.

After a snapshot of all balances on the XRP Ledger, Spark (FLR) tokens will be distributed free of charge in a 1:1 (or more) ratio. According to a Twitter user, there are almost 95-000 individual accounts set up to receive the SPARK airdrop. These accounts have a total of over 21 billion XRP. The user further explains that since the announcement of the SPARK airdrop, XRP stocks have increased by almost $500 million. In total, XRP funds have increased by 12%.

What XRP owners can expect from the airdrop

CNF reported that all XRP owners except Ripple Labs and certain former employees of Ripple Labs will be able to claim the Spark token. Once the snapshot is taken on December 12th, these addresses and all stock exchange addresses that do not support the airdrop will be removed from the pool of eligible individuals.

Accordingly, approximately 45 billion XRP are eligible to participate in the airdrop (minus the exchanges that do not participate). As the CEO of Flare Networks, Hugo Philion, explained, this will result in XRP holders being able to receive the Spark token at a higher ratio than 1 XRP = 1 Spark token:

The right to claim the 45 billion Spark token will then be distributed to each remaining address according to their proportional XRP balance in the snapshot. This can result in valid applicants receiving more than 1 Spark token for each XRP token they own.

All current and almost all former Ripple employees who personally own XRP can participate. The only exception is Stellar founder Jed McCaleb, who was banned from claiming the token.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

Comments are closed.