Bio Protocol Price Dives 64% Amid Expansion to Solana Network

The popular decentralized science network, Bio Protocol, has continued its downward trend despite its recent expansion to the Solana network. The BIO price has plummeted to $0.52, resulting in a 64% decrease from its highest level on January 3. As a result, the market capitalization of the token has decreased to $862 million.

Market Trends and Airdrop Performance

The decline in the BIO price mirrors the current state of the cryptocurrency market, with most coins experiencing significant drops. Bitcoin has fallen below $95,000, while most altcoins have experienced even steeper declines. This trend is also consistent with the performance of recent airdrops, which often rise initially but then retreat. Airdrops such as Hamster Kombat (HMSTR), Wormhole, and Grass (GRASS) have all experienced sharp drops from their all-time highs.

Expansion and Partnerships

Despite the price drop, Bio Protocol has expanded to the Solana blockchain through a partnership with Wormhole. This collaboration enables users to swap BIO tokens between Ethereum and Solana at lower costs, laying the groundwork for Bio Protocol to become a multichain platform. The project also plans to move to Base, the layer-2 network launched by Coinbase.

DeSci on Solana is inevitable

Bio Protocol aims to become a leading player in the decentralized science (DeSci) industry. Its platform currently hosts eight Bio Decentralized Autonomous Organizations (BioDAOs), with more expected to launch in the coming months. Notable BioDAOs include VitaDAO, Quantum Biology DAO, HairDAO, and AthenaDAO. AthenaDAO focuses on women’s health research, while VitaDAO conducts decentralized research to tackle aging. BIO Launchpad has raised $30.3 million to fund these research projects.

Recovery Prospects

It remains uncertain whether the BIO price will rebound from the ongoing crash. However, based on the performance of similar airdrops, recovery could take time. Wormhole remains 85% below its all-time high, while Notcoin has dropped by 80% from its peak. Other recent airdrops, like ZkSync and Hamster Kombat, have seen similar declines.

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