Bio Protocol (BIO) Price Drops 64% From All-Time High as It Expands to Solana Network

Bio Protocol (BIO) price continued its freefall on Friday, dropping by over 64% from its highest level on Jan. 3. The token now trades at $0.52, bringing its market cap to $862 million.

The steep decline in BIO price mirrors the broader trend in the crypto market this week, with most coins posting losses. Bitcoin (BTC) price has dropped below $95,000, while most altcoins have experienced steeper dips.

The token’s crash is also in line with the recent airdrops that usually see a spike in the first few days, followed by a downturn. Hamster Kombat (HMSTR), Wormhole (W), and Grass (GRASS) are some recent airdrops that have seen a steep decline from their all-time highs.

Despite the losses, Bio Protocol's expansion to the Solana (SOL) network is a significant step in its DeSci journey. This move, made possible by a partnership with Wormhole, will allow users to swap BIO tokens between the Ethereum and Solana networks at a lower cost.

This collaboration paves the way for Bio Protocol to become a multichain platform, with plans to join Base, the layer-2 network launched by Coinbase. DeSci on Solana is inevitable

BIO on @Solana is live, powered by @wormhole

Details below pic.twitter.com/64ACgkn4Ek

Bio Protocol is a decentralized science (DeSci) network that aims to revolutionize scientific research and discovery. Its platform currently hosts eight Bio Decentralized Autonomous Organizations (BioDAOs), with more set to launch in the coming months.

Some notable BioDAOs include VitaDAO, Quantum Biology DAO, HairDAO, and AthenaDAO. While AthenaDAO focuses on women's health research, VitaDAO conducts decentralized research to tackle aging. Notably, the BIO Launchpad has raised $30.3 million to support these research projects.

It remains to be seen whether the BIO price will recover from the ongoing crash, but judging by the performance of similar airdrops, the recovery process could be slow.

For instance, Wormhole is now trading at a loss of 85% from its all-time high, while Notcoin has also dropped by 80% from its peak. Other recent airdrops, such as ZkSync and Hamster Kombat, have also seen similar declines.