Over 4.28 billion FLR tokens were shared and distributed to XRP holders who held at least one token during a snapshot in December 2020. The airdrop was conducted on a 1:1 basis, meaning one FLR for every XRP held.

The tokens were dumped almost immediately by holders, CoinGecko data shows. They initially started trading at 15 cents apiece on Monday night, with prices dropping to just 2 cents at writing time. The tokens amassed some $25 million in trading volumes and are listed on crypto exchanges such as OKX and Kraken.

(By Shaurya Malwa)