GMO Coin – a cryptocurrency exchange operating under the umbrella of the Japanese IT behemoth GMO Internet Group – will distribute Songbird (SGB) tokens to eligible XRP users.
The airdrop is scheduled to reach customers by September 29, 2023.
Benefiting XRP Owners
The Japanese organization explained that the offering will reach those clients who have held amounts of Ripple’s native token in GMO Coin accounts after December 12, 2020.
“Customers using crypto asset lending services are also eligible,” the exchange.
Those willing to take advantage of the airdrop should send a snapshot of their XRP holdings, whereas the standard price used for the distributions will be disclosed at a later date. Currently, SGB is trading at around $0.0047 (per CoinGecko’s data).
GMO Coin outlined that clients are free to sell or send their XRP possessions after sending the proof. The distributions will be converted into Japanese yen and obtained from customers by the end of the month.
A Good Year for XRP Holders (so far)
People who have invested funds in Ripple’s native token have witnessed a turbulent past several months full of developments and events that have had little or major impact on the coin’s price.
For one, XRPby over 70% in mid-July when a US Judge ruled in favor of the crypto firm in its legal battle against the United States Securities and Exchange Commission (SEC).
Despite significantly dropping in the following months, the asset’s current price of roughly $0.51 is still well above the $0.34 registered at the start of the year.
Numerous analysts have envisioned a bright future for XRP, considering Ripple manages to secure a decisive court victory against the SEC. One example is the popular trader, going by the name “” on X (Twitter).