Airdrops can significantly impact token prices. For example, when a popular project like Arbitrum did an airdrop, the token price surged due to increased demand and media attention. Airdrops bring new users and liquidity, driving prices up. However, if the project fails to deliver on promises, prices might drop after the initial hype. It depends on the project’s fundamentals and how well the airdrop is executed. Successful airdrops create long-term value, while poorly managed ones can lead to price crashes.