airdrops are bullish for token price if the project has a strong community and the distribution is dialed-in, because the tokens go to people who believe they will be worth a lot more in future. 

airdrops are bearish for token price if the community is weak and/or the distribution too broad and the marginal recipient just sees it as free sky money.

noun seven three zero | onchain experimentation maxi @ zerorights.media, zeropod.xyz, @betrmint, the /yellow collective

Exactly. Well designed airdrops aren’t just giveaways they’re strategic alignment tools. When tokens land in the hands of true believers, it creates longterm conviction, not just sell pressure. Bullish by design 💣