GMO Coin Will Distribute Songbird (SGB) Tokens to Eligible XRP Users: A Good Year for XRP Holders So Far

GMO Coin to Airdrop Songbird Tokens to XRP Users

GMO Coin Will Distribute Songbird (SGB)

GMO Coin, a cryptocurrency exchange operated by the Japanese IT giant GMO Internet Group, has announced that it will distribute Songbird (SGB) tokens to eligible XRP users. This airdrop is scheduled to be completed by September 29, 2023.

Benefiting XRP Owners

GMO Coin has stated that the airdrop will be available to customers who have held Ripple’s native token in GMO Coin accounts since December 12, 2020. Even customers using crypto asset lending services are eligible for this offering.

To take advantage of the airdrop, users need to send a snapshot of their XRP holdings. The distribution’s standard price will be disclosed at a later date, and currently, SGB is trading at around $0.0047 according to CoinGecko.

GMO Coin has assured customers that they can freely sell or send their XRP holdings after providing proof for the airdrop. 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)

Investors in Ripple’s native token, XRP, have experienced a tumultuous few months filled with significant events and developments that have influenced the coin’s price.

In mid-July, XRP surged by over 70% after a US Judge ruled in favor of Ripple in its legal battle against the US Securities and Exchange Commission (SEC).

Although the price dropped in the following months, XRP’s current price of approximately $0.51 still exceeds the $0.34 price at the beginning of the year.

Many analysts foresee a positive future for XRP if Ripple secures a decisive court victory against the SEC. One notable trader, known as “KALEO” on Twitter, shares this sentiment.

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