Airdrops are the same problem with “free money”

Airdrops are a funny version of this because your brain treats them differently.

You claim $5,000 worth of tokens and because you didn’t technically buy them, they don’t feel like $5,000. They feel like free casino chips. Then people ask the same question every launch: sell everything or hold everything?

I think that framing is wrong.

UNI is probably the easiest example. Selling everything immediately would have protected you from the initial volatility, but you would also have missed a huge move afterwards. ARB had a completely different setup because future unlocks.

The better question is probably this: if someone gave me the cash value of this airdrop today, would I use all of that money to buy this token at this valuation? If the answer is no, holding 100% just because it arrived for free doesn’t make much sense either.

If the FDV is insane, the token has little utility and a ton of unlocks are coming, I’m probably selling aggressively. If the valuation makes sense, buyers are absorbing the claims and I actually have a thesis beyond “I got this for free,” I’m much more comfortable keeping a part.

Again, you don’t have to decide everything at once.