-Today's projects, the airdrop allocation is over, the effect is that holders have gotten too much for free, what is the effect

when launching the project, they lose buying pressure
Most of the time it's allocating airdrop to the user that doesn't even care if the project exist so they just outright selling the token.
Morever these project's token exist for the sole purpose of existing, the project doesn't even need it in the first place.
Most of these tokens were doomed to fail from the very start, it will hold on until the teams dumping their allocation and then vanish. That's why never buy these shitcoins.