AirDrop Anaylsis with unknown recipients

Step-by-step instructions on how to analyze a previous AirDrop without a list of recipients.

Evaluating the 1.5 Million dollar Akita Inu Airdrop from 2021

Using the BlockRank platform, it is easy to analyze past airdrops to identify farmers, assess token consolidation, and determine the fraction of recipients that are still holding your airdropped tokens.

We will use our subgraph visualization tool to highlight a notable airdrop carried out by Akita Inu ASA back in November of 2021

Akita Inu rose to spectacular fame (by Algorand standards) in the later part of 2021, achieving a more 10 million dollar market cap. Akita captured the attention of thousands of speculators and investors, claiming the title of Algorand’s first legitimate memecoin. At the heart of all of this mania was a series of community airdrops. The most notable airdrop distributed 150 million tokens (1.5 million USD!) among accounts that filled out a google form over a period of just 3 days. Lets see what happened to all those tokens!


We’ll start by configuring the subgraph to look at only transactions of 2115 $Akita (the size of the airdrop on a given day) between 11/12/2021 and 11/15/2021. We’ll also exclude the actual airdrop account and all liquidity pools from the analysis for now. This should show us exclusively peer-to-peer transactions of the distributed airdrops. Anyone sending the exact amount of the airdrop to another account that isn’t the liquidity pool in the days following the distribution is almost certain to be a farmer.

akita setup
Using the Subgraph template wizard to identify farmers of the November 2021 Akita Inue Airdrop

Account tagging

Each bubble is an account, and each string connecting them represents the movement of 2115 Akita tokens in the days following their airdrop. As you can see, There are a huge amount of accounts feeding their airdrops to a few hubs. We can go through and add these clear airdrop farmers to a list for further analysis.

akita tagging
Adding clear airdrop farmers to a list for further study.

We can use these known farmers and play around with a few more views to make sure we’ve found all their associated feeder accounts. Below you can see one with the actual airdrop distribution wallet in view. The flow of Akita from team wallet to feeders to hub wallets and then straight into the liquidity pool is plain to see (liquidity pools not shown here)

akita farmers
Farmers caught in the act.


Through this exercise, we found >2000 clear instances of farming from the Akita airdrop in an hour or two writing this post up. There are almost certainly more that we could have found if we sat with the data a bit longer. Because of airdrop farming, tens of thousands of dollars of Akita token went directly into the liquidity pool in a matter of days.

AirDrop Anaylsis