As the crypto industry continues to grow, so does the number of airdrops. Airdrops are when a blockchain project distributes free tokens or coins to the community, and they’ve become a popular way to build an engaged user base.
Recently, the team behind Songbird, an open-source music streaming application, announced an airdrop of their SBird token. However, it appears that Coinbase, one of the most popular cryptocurrency exchanges, is not supporting the airdrop.
This has caused some confusion among users, as Coinbase has supported other airdrops in the past. For example, Coinbase supported the airdrop of the OmiseGO token (OMG) back in 2017. So why isn’t Coinbase supporting the Songbird airdrop?
There are a few possible explanations. First, it’s possible that Coinbase simply hasn’t added support for the SBird token yet.
This isn’t unusual; it can take some time for new tokens to be added to major exchanges. It’s also possible that Coinbase is waiting to see how the Songbird project develops before deciding whether or not to list the SBird token.
Another possibility is that Coinbase is deliberately avoiding supporting the Songbird airdrop. This could be because Coinbase doesn’t want to be associated with a project that is giving away free tokens.
While there’s nothing wrong with airdrops per se, they are sometimes used by scam projects to defraud investors. By avoiding supporting the Songbird airdrop, Coinbase may be trying to distance itself from such projects.
Of course, we can’t know for sure why Coinbase isn’t supporting the Songbird airdrop. However, whatever the reason may be, it’s important to remember that just because an exchange isn’t supporting an airdrop doesn’t mean that the project is automatically suspicious.
There are many legitimate reasons why an exchange might not support an airdrop, so don’t let this dissuade you from doing your own research before investing in any project.