This project is backed by rich dudes from the bayc nft. They are hyping it too much which result for the coin to hit that spot easily, I think it can go higher because bayc nft is still there. They are strong so their own coin can also become stronger too.
@batang_bitcoin I guess they did an airdrop to thank people that support their nft. They deserved it anyway and they deserve to dump the coin for a profit because the price of the nft's that they bought are very expensive. It's now on the public if they will buy this coin at a dumped price or not but there are better coins out there than riding on this hype. Better if we show our support on those coins and not on this one.
The amount of money they have plus the amount of money they make from the transactions of the NFT they have, allows them to do a lot of marketing and a lot of other stuff. Which means that they are capable of continue to do this for a very long time. Even though it is a shitty coin, they have enough money to keep it pumped and hyped for a long time with the money they have.
This means that we are not going to see them go away too soon, they will probably not be as big as it is right now, but they won't be gone. We have another top 100 coin that is here to stay not because it deserves to be a top 100, but because they are capable of paying for it.