A new study by cryptocurrency market maker Keyrock shows that 88% of the tokens that were airdropped at the time of issuance this year saw their prices fall, with the majority falling within 15 days. Most of the price volatility occurred in the first few days after the airdrop, Keyrock said in the report. Three months later, very few tokens were able to produce positive results, and only a few were able to buck the trend. Projects with excessive FDV typically struggle to maintain momentum as the expected upside becomes limited. In addition, tokens with higher FDV typically lack liquidity to support these valuations. Without sufficient liquidity, prices become highly sensitive to selling pressure.