Bio Protocol, the popular decentralized science network, continued its freefall as it expanded to the Solana network.
Bio Protocol (BIO) price dropped to $0.52, erasing over 64% of its value from the highest level on Jan. 3 and bringing its market cap to $862 million.
The token’s crash mirrors what is happening in the crypto industry, as most coins have dropped this week. Bitcoin (BTC) has dropped below $95,000, while most altcoins have experienced steeper dips.
BIO’s plunge was also in line with most recent airdrops that often rise on the first few days and then retreats. Recent airdrops like Hamster Kombat (HMSTR), Wormhole (W), and Grass (GRASS) have all dropped sharply from their all-time highs.
BIO price dropped even as the network expanded to the Solana (SOL) blockchain through a partnership with Wormhole. This collaboration allows 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.
Bio Protocol hopes 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.
Some 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.
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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